{"success":true,"data":{"pressRelease":{"id":"18219","rtpr_id":"nACSpLC2la","ticker":"GEMI","exchange":"NASDAQ","all_tickers":["GEMI"],"title":"Class Action Lawsuit Now Underway by Pomerantz LLP Against Gemini Space Station, Inc.  – GEMI","author":"ACCESSWIRE","published_at":"2026-05-03T15:00:05.706Z","article_body":"NEW YORK CITY, NY / ACCESS Newswire (https://www.accessnewswire.com/) / May 3,\n2026 / Pomerantz LLP announces that a class action lawsuit has been filed\nagainst Gemini Space Station, Inc. (\"Gemini\" or the \"Company\") (NASDAQ:GEMI)\nand certain officers.   The class action, filed in the United States\nDistrict Court for the Southern District of New York, and docketed under\n26-cv-02261, is on behalf of a class consisting of all persons and entities\nother than Defendants that purchased or otherwise acquired: (a) Gemini Class A\ncommon stock pursuant and/or traceable to the Offering Documents (defined\nbelow) issued in connection with the Company's initial public offering\nconducted on or about September 12, 2025 (the \"IPO\" or \"Offering\"); and/or\nGemini securities between September 12, 2025 and February 17, 2026, both dates\ninclusive (the \"Class Period\"). Plaintiff pursues claims against the\nDefendants seeking to recover damages caused by Defendants' violations of the\nfederal securities laws and to pursue remedies under Sections 11 and 15 of the\nSecurities Act of 1933 (the \"Securities Act\") and Sections 10(b) and 20(a) of\nthe Securities Exchange Act of 1934 (the \"Exchange Act\")\n\nIf you are an investor who purchased or otherwise acquired Gemini securities\nduring the Class Period, you have until May 18, 2026, to ask the Court to\nappoint you as Lead Plaintiff for the class.  A copy of the Complaint can be\nobtained at www.pomerantzlaw.com.  To discuss this action, contact Danielle\nPeyton at newaction@pomlaw.com or 646-581-9980 (or 888.4-POMLAW), toll-free,\nExt. 7980. Those who inquire by e-mail are encouraged to include their mailing\naddress, telephone number, and the number of shares purchased. \n\n[Click here for information about joining the class action]\n(https://pomlaw.com/learn-more-form?company=GEMI)\n\nGemini was founded in 2014 to develop and operate a cryptocurrency (\"crypto\")\nplatform.\n\nHistorically, Gemini has primarily generated revenue through transaction,\ndeposit, and other fees charged to users of its crypto platform. Accordingly,\nin describing the Company's revenue growth strategy, the Offering Documents\nrepresented that Gemini was \"predominantly focused on expanding [its] exchange\nplatform via increased MTUs [monthly transacting users]\"-i.e., unique users\nwho complete at least one transaction on Gemini's platform within a given\n30-day period-\"increased average daily trading volume, and increasing the\nnumber of assets available on [its] platform\". The Offering Documents (defined\nbelow) further represented that Gemini would increase MTUs through acquiring\nnew retail and institutional users and expanding internationally.\n\nSignificantly, the Offering Documents did not disclose any intention to\nprioritize a prediction market (i.e., a platform enabling users to buy and\nsell \"event contracts\" - in effect, instruments wagering on the likelihood of\nfuture events).\n\nOn August 15, 2025, Gemini filed a registration statement on Form S-1 with the\nSEC in connection with the IPO, which, after several amendments, was declared\neffective on September 11, 2025 (the \"Registration Statement\").\n\nOn September 12, 2025, pursuant to the Registration Statement, Gemini's Class\nA common stock began publicly trading on the Nasdaq Global Select Market\n(\"NASDAQ\") under the ticker symbol \"GEMI\".\n\nOn September 15, 2025, Gemini filed the prospectus for the IPO on Form 424B4\nwith the SEC in connection with the IPO, which incorporated and formed part of\nthe Registration Statement (together, the \"Offering Documents\").\n\nPursuant to the Offering Documents, Gemini issued 15,178,572 shares of the\nCompany's Class A common stock to the public at the Offering price of $28.00\nper share for proceeds, before expenses, of $398,437,515 to the Company.\n\nThe Offering Documents were negligently prepared and, as a result, contained\nuntrue statements of material fact or omitted to state other facts necessary\nto make the statements made not misleading and were not prepared in accordance\nwith the rules and regulations governing their preparation. Additionally,\nthroughout the Class Period, Defendants made materially false and misleading\nstatements regarding the Company's business, operations, and prospects.\nSpecifically, the Offering Documents and Defendants made false and/or\nmisleading statements and/or failed to disclose that: (i) Gemini had\noverstated the viability of its core business as a crypto platform; (ii)\nGemini had overstated its commitment to and/or the viability of growing its\nbusiness through expanding its international operations; (iii) accordingly,\nGemini's post-IPO financial and business prospects were overstated; (iv) all\nof the foregoing raised a non-speculative risk that Gemini was poised for an\nexpensive and disruptive restructuring; and (v) as a result, the Offering\nDocuments and Defendants' public statements throughout the Class Period were\nmaterially false and misleading at all relevant times.\n\nOn December 10, 2025, Gemini announced that it would launch a prediction\nmarket and offer event contracts to its U.S. customers. At this time, however,\nthe Defendants gave no indication that the Company was poised for an abrupt\ncorporate pivot to a prediction-market-centric business model.\n\nThe truth began to emerge on February 5, 2026, when Gemini filed a Regulation\nFD disclosure on Form 8-K with the SEC, announcing the publication of a blog\npost authored by Defendants Tyler and Cameron Winklevoss. In this blog post,\nthe Winklevoss brothers announced a corporate pivot to \"Gemini 2.0\",\ndescribing three dramatic changes to Gemini's operations: (1) Gemini's\nprediction market would be \"more front and center in our experience\"; (2)\nGemini would reduce its workforce by 25%; and (3) Gemini would exit the United\nKingdom, European Union, and Australian markets.\n\nOn this news, Gemini's Class A common stock price fell $0.64 per share, or\n8.72%, to close at $6.70 per share per share on February 5, 2026.\n\nThen, on February 17, 2026, Gemini issued a Current Report on Form 8-K,\nannouncing the departure of Defendant Marshall Beard, its former Chief\nOperating Officer (\"COO\"), Defendant Dan Chen, its former Chief Financial\nOfficer (\"CFO\"), and Tyler Meade, Gemini's former Chief Legal Officer. The\nCompany also offered \"preliminary unaudited estimates\" of its financial\nresults for the fiscal year ended December 31, 2025, including net revenue of\n$165 million to $175 million and operating expenses of $520 million to $530\nmillion, an increase of approximately 40% from the previous fiscal year.\n\nOn this news, Gemini's stock price fell $0.975 per share, or 12.9%, to close\nat $6.585 per share on February 17, 2026.\n\nOn or after February 17, 2026, Defendants updated the live version of the\nWinklevoss brothers' blog post referenced above, adding language that\nexplicitly tied Gemini's restructuring to the departure of Defendant Chen,\nDefendant Beard, and Tyler Meade from the Company.\n\nAs a result of Defendants' wrongful acts and omissions, and the precipitous\ndecline in the market value of the Company's securities, Plaintiff and other\nClass members have suffered significant losses and damages.\n\nPomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris,\nand Tel Aviv, is acknowledged as one of the premier firms in the areas of\ncorporate, securities, and antitrust class litigation. Founded by the late\nAbraham L. Pomerantz, known as the dean of the class action bar, Pomerantz\npioneered the field of securities class actions. Today, more than 85 years\nlater, Pomerantz continues in the tradition he established, fighting for the\nrights of the victims of securities fraud, breaches of fiduciary duty, and\ncorporate misconduct. The Firm has recovered billions of dollars in damages\nawards on behalf of class members. See www.pomlaw.com.\n\nAttorney advertising. Prior results do not guarantee similar outcomes.\n\nSOURCE: Pomerantz LLP\nView the original press release\n(https://www.accessnewswire.com/newsroom/en/business-and-professional-services/class-action-lawsuit-now-underway-by-pomerantz-llp-against-gemin-1149543)\non ACCESS Newswire\n\n\nCopyright 2026 ACCESS Newswire. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nACSpLC2la","title":"Class Action Lawsuit Now Underway by Pomerantz LLP Against Gemini Space Station, Inc.  – GEMI","author":"ACCESSWIRE","ticker":"GEMI","created":"2026-05-03T15:00:05.706Z","tickers":["GEMI"],"exchange":"NASDAQ","article_body":"NEW YORK CITY, NY / ACCESS Newswire (https://www.accessnewswire.com/) / May 3,\n2026 / Pomerantz LLP announces that a class action lawsuit has been filed\nagainst Gemini Space Station, Inc. (\"Gemini\" or the \"Company\") (NASDAQ:GEMI)\nand certain officers.   The class action, filed in the United States\nDistrict Court for the Southern District of New York, and docketed under\n26-cv-02261, is on behalf of a class consisting of all persons and entities\nother than Defendants that purchased or otherwise acquired: (a) Gemini Class A\ncommon stock pursuant and/or traceable to the Offering Documents (defined\nbelow) issued in connection with the Company's initial public offering\nconducted on or about September 12, 2025 (the \"IPO\" or \"Offering\"); and/or\nGemini securities between September 12, 2025 and February 17, 2026, both dates\ninclusive (the \"Class Period\"). Plaintiff pursues claims against the\nDefendants seeking to recover damages caused by Defendants' violations of the\nfederal securities laws and to pursue remedies under Sections 11 and 15 of the\nSecurities Act of 1933 (the \"Securities Act\") and Sections 10(b) and 20(a) of\nthe Securities Exchange Act of 1934 (the \"Exchange Act\")\n\nIf you are an investor who purchased or otherwise acquired Gemini securities\nduring the Class Period, you have until May 18, 2026, to ask the Court to\nappoint you as Lead Plaintiff for the class.  A copy of the Complaint can be\nobtained at www.pomerantzlaw.com.  To discuss this action, contact Danielle\nPeyton at newaction@pomlaw.com or 646-581-9980 (or 888.4-POMLAW), toll-free,\nExt. 7980. Those who inquire by e-mail are encouraged to include their mailing\naddress, telephone number, and the number of shares purchased. \n\n[Click here for information about joining the class action]\n(https://pomlaw.com/learn-more-form?company=GEMI)\n\nGemini was founded in 2014 to develop and operate a cryptocurrency (\"crypto\")\nplatform.\n\nHistorically, Gemini has primarily generated revenue through transaction,\ndeposit, and other fees charged to users of its crypto platform. Accordingly,\nin describing the Company's revenue growth strategy, the Offering Documents\nrepresented that Gemini was \"predominantly focused on expanding [its] exchange\nplatform via increased MTUs [monthly transacting users]\"-i.e., unique users\nwho complete at least one transaction on Gemini's platform within a given\n30-day period-\"increased average daily trading volume, and increasing the\nnumber of assets available on [its] platform\". The Offering Documents (defined\nbelow) further represented that Gemini would increase MTUs through acquiring\nnew retail and institutional users and expanding internationally.\n\nSignificantly, the Offering Documents did not disclose any intention to\nprioritize a prediction market (i.e., a platform enabling users to buy and\nsell \"event contracts\" - in effect, instruments wagering on the likelihood of\nfuture events).\n\nOn August 15, 2025, Gemini filed a registration statement on Form S-1 with the\nSEC in connection with the IPO, which, after several amendments, was declared\neffective on September 11, 2025 (the \"Registration Statement\").\n\nOn September 12, 2025, pursuant to the Registration Statement, Gemini's Class\nA common stock began publicly trading on the Nasdaq Global Select Market\n(\"NASDAQ\") under the ticker symbol \"GEMI\".\n\nOn September 15, 2025, Gemini filed the prospectus for the IPO on Form 424B4\nwith the SEC in connection with the IPO, which incorporated and formed part of\nthe Registration Statement (together, the \"Offering Documents\").\n\nPursuant to the Offering Documents, Gemini issued 15,178,572 shares of the\nCompany's Class A common stock to the public at the Offering price of $28.00\nper share for proceeds, before expenses, of $398,437,515 to the Company.\n\nThe Offering Documents were negligently prepared and, as a result, contained\nuntrue statements of material fact or omitted to state other facts necessary\nto make the statements made not misleading and were not prepared in accordance\nwith the rules and regulations governing their preparation. Additionally,\nthroughout the Class Period, Defendants made materially false and misleading\nstatements regarding the Company's business, operations, and prospects.\nSpecifically, the Offering Documents and Defendants made false and/or\nmisleading statements and/or failed to disclose that: (i) Gemini had\noverstated the viability of its core business as a crypto platform; (ii)\nGemini had overstated its commitment to and/or the viability of growing its\nbusiness through expanding its international operations; (iii) accordingly,\nGemini's post-IPO financial and business prospects were overstated; (iv) all\nof the foregoing raised a non-speculative risk that Gemini was poised for an\nexpensive and disruptive restructuring; and (v) as a result, the Offering\nDocuments and Defendants' public statements throughout the Class Period were\nmaterially false and misleading at all relevant times.\n\nOn December 10, 2025, Gemini announced that it would launch a prediction\nmarket and offer event contracts to its U.S. customers. At this time, however,\nthe Defendants gave no indication that the Company was poised for an abrupt\ncorporate pivot to a prediction-market-centric business model.\n\nThe truth began to emerge on February 5, 2026, when Gemini filed a Regulation\nFD disclosure on Form 8-K with the SEC, announcing the publication of a blog\npost authored by Defendants Tyler and Cameron Winklevoss. In this blog post,\nthe Winklevoss brothers announced a corporate pivot to \"Gemini 2.0\",\ndescribing three dramatic changes to Gemini's operations: (1) Gemini's\nprediction market would be \"more front and center in our experience\"; (2)\nGemini would reduce its workforce by 25%; and (3) Gemini would exit the United\nKingdom, European Union, and Australian markets.\n\nOn this news, Gemini's Class A common stock price fell $0.64 per share, or\n8.72%, to close at $6.70 per share per share on February 5, 2026.\n\nThen, on February 17, 2026, Gemini issued a Current Report on Form 8-K,\nannouncing the departure of Defendant Marshall Beard, its former Chief\nOperating Officer (\"COO\"), Defendant Dan Chen, its former Chief Financial\nOfficer (\"CFO\"), and Tyler Meade, Gemini's former Chief Legal Officer. The\nCompany also offered \"preliminary unaudited estimates\" of its financial\nresults for the fiscal year ended December 31, 2025, including net revenue of\n$165 million to $175 million and operating expenses of $520 million to $530\nmillion, an increase of approximately 40% from the previous fiscal year.\n\nOn this news, Gemini's stock price fell $0.975 per share, or 12.9%, to close\nat $6.585 per share on February 17, 2026.\n\nOn or after February 17, 2026, Defendants updated the live version of the\nWinklevoss brothers' blog post referenced above, adding language that\nexplicitly tied Gemini's restructuring to the departure of Defendant Chen,\nDefendant Beard, and Tyler Meade from the Company.\n\nAs a result of Defendants' wrongful acts and omissions, and the precipitous\ndecline in the market value of the Company's securities, Plaintiff and other\nClass members have suffered significant losses and damages.\n\nPomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris,\nand Tel Aviv, is acknowledged as one of the premier firms in the areas of\ncorporate, securities, and antitrust class litigation. Founded by the late\nAbraham L. Pomerantz, known as the dean of the class action bar, Pomerantz\npioneered the field of securities class actions. Today, more than 85 years\nlater, Pomerantz continues in the tradition he established, fighting for the\nrights of the victims of securities fraud, breaches of fiduciary duty, and\ncorporate misconduct. The Firm has recovered billions of dollars in damages\nawards on behalf of class members. See www.pomlaw.com.\n\nAttorney advertising. Prior results do not guarantee similar outcomes.\n\nSOURCE: Pomerantz LLP\nView the original press release\n(https://www.accessnewswire.com/newsroom/en/business-and-professional-services/class-action-lawsuit-now-underway-by-pomerantz-llp-against-gemin-1149543)\non ACCESS Newswire\n\n\nCopyright 2026 ACCESS Newswire. All Rights Reserved."},"type":"article","timestamp":"2026-05-03T15:00:05.748164209Z","server_sent_at_ms":1777820405748},"received_at":"2026-05-03T15:00:05.800Z","source_url":"https://www.accessnewswire.com/newsroom/en/business-and-professional-services/class-action-lawsuit-now-underway-by-pomerantz-llp-against-gemin-1149543"},"analysis":null,"durationMs":null,"modelName":null}}