According to the Complaint, Genius Brands International, Inc. is a multimedia company that licenses entertainment content for children.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements regarding: (i) Nickelodeon’s purported broadcast expansion of Genius’s Rainbow Rangers cartoon; (ii) subscription fees for the Kartoon Channel!; and (iii) the Company’s growth potential and overall prospects as a company. The Complaint further alleges that while the share price of Genius stock was artificially inflated due to these misstatements, Genius registered for sale tens of millions of shares, allowing certain longtime investors to cash out at the expense of Plaintiff and the Class.

On December 2, 2020, the Court issued an Order consolidating cases and appointing Lead Plaintiffs and Counsel. All future docketing was ordered to be done in the lead case 20-CV-07457.

Lead Plaintiffs filed an amended Complaint on February 1, 2021. Defendants filed a Motion to Dismiss the amended Complaint on March 17. On August 30, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint.

On September 27, 2021, Lead Plaintiffs filed a second amended Complaint. Defendants filed a Motion to Dismiss the second amended Complaint on November 22. On July 15, 2022, the Court issued an Order granting Defendants' Motion to Dismiss. The case was dismissed with prejudice.

Plaintiffs filed a notice appealing the Court's Dismissal Order on August 12, 2022. On April 5, 2024, the Court of Appeals affirmed in part and reversed in part the ruling of the District Court and remanded the case for further proceedings.