The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of Gemini Space Station, Inc. (“Gemini” or the “Company”) (NASDAQ: GEMI) investors who purchased Class A common stock pursuant and/or traceable to the Offering Documents issued in connection with the Company’s initial public offering conducted on or about September 12, 2025 (the “IPO” or “Offering”) and/or securities between September 12, 2025 and February 17, 2026, inclusive (the “Class Period”). Gemini investors have until May 18, 2026 to file a lead plaintiff motion.

What Happened?

On or around September 12, 2025, Gemini, a self-styled cryptocurrency platform, conducted its IPO, selling 15.2 million shares at $28.00 per share.

On February 5, 2026, Gemini announced a corporate pivot to “Gemini 2.0”, describing three dramatic changes to Gemini’s operations: (1) Gemini’s prediction market would be “more front and center in our experience”; (2) Gemini would reduce its workforce by 25%; and (3) Gemini would exit the United Kingdom, European Union, and Australian markets.

On this news, Gemini’s stock price fell $0.64, or 8.7%, to close at $6.70 per share on February 5, 2026, thereby injuring investors.

Then, on February 17, 2026, Gemini announced the departure of its Chief Operating Officer, Chief Financial Officer, and its Chief Legal Officer. The Company also released preliminary unaudited estimates of its full year 2025 financial results, revealing an approximate 40% increase in operating expenses.

On this news, Gemini’s stock price fell $0.97, or 12.9%, to close at $6.59 per share on February 17, 2026, thereby injuring investors further.

At the commencement of this action, Gemini’s stock traded at $5.96 per share, a 78.7% decline from its $28 per share IPO price.

What Is The Lawsuit About?

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Gemini had overstated the viability of its core business as a crypto platform; (2) Gemini had overstated its commitment to and/or the viability of growing its business through expanding its international operations; (3) accordingly, Gemini’s post-IPO financial and business prospects were overstated; (4) all of the foregoing raised a non-speculative risk that Gemini was poised for an expensive and disruptive restructuring; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.