The heads of AI company LZG International Inc. used a merger with Genius Group Ltd. to defraud investors of $30 million, concealing stolen funds and improperly issuing shares to themselves, according to a proposed class action.
LZGI CEO Peter Ritz and board chair Michael Moe engineered the merger even though Genius was never profitable and “has reported roughly $70 million in losses since its inception in 2019,” Shawn Carey and several other LZGI investors say. Carey, who is a former LZGI executive, and the other shareholders filed their suit Oct. 4 in the US District Court for the Southern District ...
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