In Re: Ali Alavi v. Genius Brands International, Inc.

FOR PUBLICATION

UNITED STATES COURT OF APPEALS

FOR THE NINTH CIRCUIT

In re: GENIUS BRANDS No. 22-55760

INTERNATIONAL, INC.

SECURITIES LITIGATION, D.C. No. ______________________________ 2:20-cv-07457-

DSF-RAO

ALI ALAVI; A LEGACY

FOUNDATION, Lead Plaintiffs; On Behalf of Themselves and All Others OPINION Similarly Situated,

Plaintiffs-Appellants, v.

GENIUS BRANDS

INTERNATIONAL, INC.; ANDY

HEYWARD; ROBERT DENTON,

Defendants-Appellees.

Appeal from the United States District Court for the Central District of California Dale S. Fischer, District Judge, Presiding

Argued and Submitted November 6, 2023 Pasadena, California

Filed April 5, 2024 IN RE: ALI ALAVI V. GENIUS BRANDS INT’L, INC.

Before: William A. Fletcher and Salvador Mendoza, Jr., Circuit Judges, and Karen E. Schreier,* District Judge.

Opinion by Judge Mendoza

SUMMARY**

Securities Fraud

The panel affirmed in part and reversed in part the district court’s dismissal, for failure to state a claim, of shareholders’ securities-fraud complaint against Genius Brands International, Inc., and other defendants. The shareholders alleged that, in…