Judge Valerie Caproni issued the order in Genius Group Limited v. Citadel Securities LLC et al., directing the parties to discuss whether the case should proceed as a single-plaintiff action or if the court should reopen the process for additional lead plaintiff applications if Genius Group Limited’s motion is denied.
Genius Group Limited filed a motion for appointment as lead plaintiff and approval of selection of lead counsel. The court noted that no other potential lead plaintiffs came forward or objected to Genius’s motion, although the defendants had opposed it. Genius subsequently provided supplemental authority, and the defendants responded. The court is currently reviewing these papers.
The order requires the parties to file a proposed stipulation by June 1, 2026. If the parties propose reopening the lead plaintiff application process, they must inform the court of their positions on the recommended length of a new notice period and a proposed briefing schedule for lead plaintiff applications.
If the parties agree that the case should proceed as a single-plaintiff action, they must propose a schedule for defendants to move or answer. If the parties are unable to agree on next steps, they should submit letter briefs of no more than one thousand words regarding their proposed next steps date.
The case is pending before Judge Caproni in the Southern District of New York.