AXS LAW Files Securities Fraud Against Publicly Traded Company in New York
MIAMI, Oct. 8, 2024 /PRNewswire/ -- AXS LAW has filed its second securities fraud class action lawsuit in the Southern District of New York in the last two months. Genius Group Limited is an international purveyor of artificial intelligence applications aimed at the worldwide educational market, whose shares are listed on the New York Stock Exchange. Shawn Carey, et al. v. Genius Group Ltd., et al., No. 1:24-cv-07551 (S.D.N.Y. 10/04/24).
According to the complaint, Genius Group participated in a fraudulent merger effectuated by a share exchange that concealed the misappropriation of investor funds, the provision of false financial information to the SEC, and the failure to disclose the resignation of auditors to the SEC.
The complaint alleges that, on the eve of the merger, certain individual defendants issued tens of millions of new shares to themselves and their friends—without approval and without disclosure—potentially enriching themselves by tens of millions of dollars derived from individuals and institutions who were attracted by the allure of an opportunity to invest in the artificial intelligence revolution.
AXS LAW shared these allegations with Genius Group before filing the action. Later, Genius Group began taking remedial action, as demonstrated by the Company's recent SEC filings, which reflect that the merger was not preceded by proper due diligence procedures.
Jeff Gutchess, AXS LAW's founding partner, said: "AXS LAW is expanding its award-winning business trial practice to include shareholders of publicly traded companies, particularly in the Fintech and AI industries, where we are preparing to file additional high-profile cases in New York and elsewhere."
About AXS LAW GROUP
With offices in Miami, Los Angeles and Washington DC, AXS LAW is dedicated to providing practical and comprehensive solutions to complex matters. After decades at Big Law, we created AXS LAW with a view to disrupting the traditional law model to better address the needs of the modern business law consumer. We do this first and foremost by bringing our own expertise as entrepreneurs. Our attorneys are encouraged to pursue entrepreneurship and this, in turn, gives us the perspective and "guts" to help our clients navigate, not avoid, risk. And, unlike most law firms, we have personality. We are not tethered to our chairs and desks; we are out there continually forging new and strengthening existing relationships in the business and wider community. Our clients enjoy working with us! For more information, please visit www.axslawgroup.com.
Media Contact:
AXS LAW GROUP
Valentina Gutchess
[email protected]
(305) 905 6800
SOURCE AXS LAW Group
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