New York District Court Bans Genius Group from Selling Stocks to Raise Funds for Bitcoin Purchase

Odaily Planet Daily News: Genius Group, a company listed on the New York Stock Exchange, announced that the United States Southern District Court (SDNY) has banned the company from selling stocks to raise funds, and has also banned the use of investor funds to purchase Bitcoin. Therefore, it will be forced to sell Bitcoin in its treasury. It is reported that on October 30, 2024, Genius initiated arbitration proceedings 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 this year, Michael Moe and Peter Ritz applied to the court for a temporary restraining order (TRO) and preliminary injunction (PI) to prevent Genius from selling any shares or raising any funds to purchase Bitcoin. The temporary restraining order was approved on the same day, and the preliminary injunction was approved on March 13. （Globenewswire）