The legal action, filed by Pomerantz LLP, claims that Citadel and Virtu submitted thousands of fake buy and sell orders with no intention of execution. These "baiting" orders were designed to project a false sense of market supply and demand, ultimately inflating transaction costs for other participants. The suit highlights a notable period in February 2025, when the defendants allegedly commanded nearly 70% of all off-exchange trading for Genius stock. During that week, the company’s share price dropped by 22% despite a lack of negative corporate news, a decline the plaintiffs link directly to a surge in the defendants' trading activity.

Those who acquired Genius securities during the designated class period have until August 28, 2026, to petition the court for appointment as lead plaintiff. The firm is directing potential class members to contact Danielle Peyton for further documentation and participation details.