The lawsuit, spearheaded by the Rosen Law Firm, centers on allegations that the defendants engaged in "spoofing"—a practice where traders submit and cancel orders without the intent to execute them. By creating artificial supply and demand, the defendants allegedly misled market participants and artificially inflated bid-ask spreads for Genius Group (NYSE American: GNS). These baiting orders, according to the complaint, allowed the defendants to profit by manipulating the stock price to suit their own trading positions.
Investors who incurred losses exceeding $100,000 are eligible to move the court to serve as lead plaintiff. While a class action has been initiated, no class has been formally certified to date. Participation as a lead plaintiff is optional; those who choose not to take on the representative role remain potential class members entitled to any future recovery. Interested parties can contact Phillip Kim at the Rosen Law Firm to review their options before the impending court deadline.
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