Gemini Space Station, Inc. (GEMI) Investigation

The investigation focuses on the propriety of the crypto platform company’s September 2025 IPO prospectus about then-existing trends which were having a significant adverse impact on its business, including governance.

Among other matters, Gemini’s IPO prospectus repeatedly emphasized its plan for international expansion. Gemini assured investors that “[g]eographic expansion into new markets and jurisdictions will further amplify our global reach, creating a robust foundation for sustained growth.” In addition, the company highlighted its focus on investments in both the European and Asia-Pacific (“APAC”) regions.

Investors began to question the IPO prospectus’s assurances on Feb. 5, 2026. That day, the company revealed that “[o]n February 4, 2026, Gemini Space Station, Inc. […] approved a plan to exit and wind down its operations in the United Kingdom, the European Union and other European jurisdictions, and Australia as part of a broader initiative to reduce operating expenses[]” and that this plan would include a 25% workforce reduction to include “employees in Europe, the United States, and Singapore[.]”  

This news drove the price of Gemini shares down almost 9% that day.

Then, on Feb. 17, 2026, Gemini made another bombshell announcement. That day, Gemini revealed 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.” Beard also left the company’s board of directors. The company did not provide investors with reasons for the three key executives’ departures, including whether or not they were in effect terminated.

The market swiftly reacted again, sending the price of Gemini shares down about 13% that day.

FREQUENTLY ASKED QUESTIONS ABOUT THE CASE

What is the GEMI investigation about?

We are investigating whether, at the time of its IPO, Gemini knew of adverse trends that within a few months afterwards required massive layoffs in the international operations which the company had said would serve as a robust foundation for sustained growth. We’re also looking into how long the company’s management turmoil had been going on before the C-Suite departures and whether it existed at the time of the IPO.

WHAT SHOULD I DO?

I worked at GEMI. What should I do?

If you were an employee of GEMI, you may have valuable information that could be relevant to the investigation. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, contact Reed Kathrein at 844-916-0895 or [email protected].

There are multiple law firms participating, do I need to contact all of them?

No, you do not need to contact all participating law firms. Generally, class-action investigations and lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions.

AM I ELIGIBLE?

What is the threshold amount to be eligible? What are “substantial” losses?

The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.

CAN I PARTICIPATE?

Am I affected? What do I need to do to participate?

If you were an investor in GEMI, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.

Can any GEMI investor participate?

In most class-action investigations and cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.

I bought on a non-U.S. Exchange. Can I participate?

No. This investigation only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.

Am I included if I still hold my shares, or do I need to sell to participate?

Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.