Genius Brands Fights the Hype Machine It Started
With its stock price plummeting and class action lawsuits mounting, Genius Brands (NASDAQ: GNUS) is starting to fight back. The creator of animated content for children issued a press release on Friday, calling out the recent wave of litigation as a distraction that will force it to dedicate time and resources to the legal fisticuffs instead of focusing on growing its business.
"The lawsuit is meritless and we will vigorously defend ourselves against this hollow accusation," Genius Brands responds in Friday morning's press release.
Naturally, Genius Brands is right to defend its honor. One wouldn't expect anything less. However, with the stock plummeting after a brief spike in early June, it's going to be a long and challenging road back for one of Wall Street's more volatile investments in recent months.
Source Fool.com
