The New York District Court prohibits Genius Group from selling stocks to raise funds for purchasing Bitcoin

2025-04-03 23:31:41

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ChainCatcher news, according to GlobeNewswire, the NYSE-listed company Genius Group 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 has also prohibited the use of investor funds to purchase Bitcoin, thus forcing it to sell the Bitcoin in its treasury.

It is reported that on October 30, 2024, Genius initiated arbitration to terminate the asset purchase agreement 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 TRO was granted that day, and the PI was granted on March 13.

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