Securities,
Civil Litigation
Aug. 31, 2021
Hyperbolic comments did not mislead children’s network investors, judge rules
In August 2020, investors of Genius Brands International Inc. sued the company for violating federal securities laws by making false statements throughout the year. This came after Genius stock fell below $1 per share, threatening its status on the NASDAQ.
A federal judge on Monday dismissed a class action that accused a childrens' cartoon company of lying to investors by touting its new Kartoon Channel product as "the next Netflix for kids," saying she did not find any of the statements to be false.
"The comparison to Netflix is so "'exaggerated' or 'vague' that no reasonable investor would rely on it when considering the total mix of available information," U.S. Judge $95
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