Portnoy Law Firm Announces Class Action on Behalf of Gemini Space Station, Inc. Investors
LOS ANGELES, March 20, 2026 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Gemini Space Station, Inc., (“Gemini” or the "Company") (NASDAQ:GEMI) investors of a class action on behalf of investors that bought securities between September 12, 2025 and February 17, 2026, inclusive (the “Class Period”). Franklin investors have until May 18, 2026 to file a lead plaintiff motion.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or join the case via https://portnoylaw.com/gemini-space-station-inc. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
Gemini Space develops a crypto platform to buy, sell, and store crypto assets. The complaint alleges that in its September 2025 IPO, Gemini Space sold 15,178,572 shares of Class A common stock at a price of $28.00 per share.
The Gemini Space class action lawsuit alleges that in the IPO’s offering documents and throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose: (i) Gemini Space had overstated the viability of its core business as a crypto platform; (ii) Gemini Space had overstated its commitment to and/or the viability of growing its business through expanding its international operations; (iii) accordingly, Gemini Space’s post-IPO financial and business prospects were overstated; and (iv) the above raised a non-speculative risk that Gemini Space was poised for an expensive and disruptive restructuring.
The Gemini Space class action lawsuit further alleges that on February 5, 2026, Gemini Space announced a corporate pivot to “Gemini 2.0,” describing three dramatic changes to Gemini Space’s operations: (i) Gemini Space’s prediction market would be “more front-and-center in our experience”; (ii) Gemini Space would reduce its workforce by 25%; and (iii) Gemini Space would exit the United Kingdom, European Union, and Australian markets. On this news, the price of Gemini Space Class A common stock fell nearly 9%, according to the complaint.
Then, on February 17, 2026, the Gemini Space class action lawsuit alleges that Gemini Space announced the departure of defendant Marshall Beard, its former Chief Operating Officer, defendant Dan Chen, its former Chief Financial Officer, and Tyler Meade, Gemini Space’s former Chief Legal Officer. Gemini Space also allegedly 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, the price of Gemini Space Class A common stock fell nearly 13%, according to the complaint.
The Portnoy Law Firm represents investors in pursuing claims caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA, NY and TX Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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