The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed on behalf of investors who acquired Gemini Space Station, Inc. (“Gemini” or the “Company”) (NASDAQ:GEMI) securities during the period of September 9, 2025 through February 17, 2026, inclusive (“the Class Period”).
Th lawsuit alleges that: (i) Gemini had overstated the viability of its core business as a crypto platform; (ii) Gemini had overstated its commitment to and/or the viability of growing its business through expanding its international operations; (iii) accordingly, Gemini's post-IPO financial and business prospects were overstated; and (iv) all of the foregoing raised a non-speculative risk that Gemini was poised for an expensive and disruptive restructuring.
On September 12, 2025, Gemini conducted its initial public offering, selling 15,937,501 shares of Class A common stock priced at $28.00.
On February 5, 2026, when Gemini filed a Regulation FD disclosure on Form 8-K with the SEC, announcing the publication of a blog post authored by Defendants Tyler and Cameron Winklevoss. In this blog post, the Winklevoss brothers 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, the price of Gemini shares declined by $0.64 per share, or approximately 8.7%, from $7.34 per share on February 4, 2026 to close at $6.70 on February 5, 2026.
Then, on February 17, 2026, Gemini disclosed in a filing with the U.S. Securities and Exchange Commission “that it will be parting ways with each of Marshall Beard, Chief Operating Officer, Dan Chen, Chief Financial Officer, and Tyler Meade, Chief Legal Officer, each effective as of February 17, 2026[.]” The Company also offered "preliminary unaudited estimates" of its financial results for the fiscal year ended December 31, 2025, including net revenue of $165 million to $175 million and operating expenses of $520 million to $530 million, an increase of approximately 40% from the previous fiscal year. On this news, Gemini's stock price fell $0.975 per share, or 12.9%, to close at $6.585 per share on February 17, 2026. On or after February 17, 2026, Defendants updated the live version of the Winklevoss brothers' blog post referenced above, adding language that explicitly tied Gemini's restructuring to the departure of Defendant Chen, Defendant Beard, and Tyler Meade from the Company. On this news, the price of Gemini shares declined by $0.97 per share, or approximately 12.83%, from $7.56 per share on February 13, 2026 to close at $6.59 on February 17, 2026.
