Odaily News Genius Group, a publicly traded company on the NYSE, announced that the U.S. District Court for the Southern District of New York (SDNY) has prohibited the company from selling stock to raise funds and also prohibited the use of investor funds to purchase Bitcoin, forcing it to sell the Bitcoin in its treasury.
According to reports, on October 30, 2024, Genius initiated arbitration procedures to terminate the asset purchase agreement signed with Fatbrain AI (LZGI). LZGI shareholders filed a lawsuit against LZGI and its executives Michael Moe and Peter Ritz. However, on February 14 of this year, Michael Moe and Peter Ritz applied to the court for a Temporary Restraining Order (TRO) and a Preliminary Injunction (PI) to prevent Genius from selling any shares or raising any funds to purchase Bitcoin. The Temporary Restraining Order was granted the same day, and the Preliminary Injunction was granted on March 13. (Globenewswire)
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