SINGAPORE, May 21, 2025 (GLOBE NEWSWIRE) -- Genius Group Limited (NYSE American: GNS) ("Genius Group” or the "Company”), a leading AI-powered, Bitcoin-first education group, today announced that its lawyers have filed an amended complaint against Peter Ritz and Michael Moe as the controlling officers and directors of LZGI International, Inc ("LZG”) under the Racketeer Influenced and Corrupt Organizations Act (RICO), in the United States District Court, Southern District of Florida, seeking updated damages of over $750 million (which includes treble damages potentially recoverable under federal statute) caused by the defendants to Genius Group.
In other cases related to LZGI, Ritz and Moe, the Company is now cooperating with the LZGI Shareholders who have brought a Class Action lawsuit against LZGI, Ritz and Moe for violation of federal securities laws, filed in United States District Court Southern District of New York (Case No: 1:24-cv-07551) and a shareholders’ derivative lawsuit in the Circuit Court of the Eleventh Judicial Circuit In and For Miami-Dade County, Florida (Case No: 2024-019773-CA-01), with the Company’s CEO, Roger Hamilton providing an affidavit including testimony against Ritz and Moe in aid of the LZGI Shareholders’ case.
On May 6, 2025, the United States Court of Appeals for the Second Circuit ruled in the Company’s favor, granting a stay on the PI, stating ""Appellant has made a strong showing that it is likely to succeed on the merits and suffers clear irreparable injury absent a stay, warranting a stay pending appeal.” In summary, the Court of Appeals ruling enables the Company to resume its normal operations with immediate effect, including raising funds, selling shares, buying Bitcoin and funding its operations and growth plans, pending the resolution of the appeal.
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