Genius Brands Must Face Investor Suit on Nickelodeon Airing (1)

Genius Brands International Inc. must defend against claims it overstated how often Nickelodeon Jr. aired its Rainbow Rangers show, a federal judge ruled.

The lead plaintiffs sufficiently alleged the level of intent to bring securities fraud claims against CEO Andy Heyward since the discrepancy was so large and the show so important to Genius’ business that it seemed unlikely the executive didn’t know Rainbow Rangers aired only once or twice a day and “believed it was now expanding to 26 times per week,” said Judge Dale ...