The New York District Court has banned Genius Group from selling shares to raise funds to buy Bitcoin

Odaily News Genius Group, a company listed on the New York Stock Exchange, announced that the U.S. District Court for the Southern District of New York (SDNY) has prohibited the company from selling stocks to raise funds and has also prohibited the use of investor funds to purchase Bitcoin, thus it will be forced to sell the 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), and LZGI shareholders filed a lawsuit against LZGI and its executives, Michael Moe and Peter Ritz, but on February 14 this year, Michael Moe and Peter Ritz applied to the court for a temporary restraining order (TRO) and a preliminary injunction (PI) to stop Genius Selling any shares or raising any funds to buy Bitcoin, a temporary restraining order was approved on the same day, and a preliminary injunction was approved on March 13. （Globenewswire）