Kessler Topaz Meltzer & Check, LLP announced on May 2 that a securities fraud class action lawsuit has been filed against Gemini Space Station, Inc. (NASDAQ: GEMI) in the United States District Court for the Southern District of New York. The case covers investors who purchased or acquired Gemini Class A common stock or other securities between September 12, 2025, and February 17, 2026. Investors have until May 15 to seek appointment as lead plaintiff.
The lawsuit alleges that Gemini made materially false or misleading statements in its registration statement and prospectus for its initial public offering as well as during the class period. According to the complaint, these misstatements included overstating the viability of its core crypto platform business and international growth prospects, which led to an inflated view of post-IPO financial outlooks and did not disclose risks related to restructuring.
Gemini’s stock price fell sharply after key announcements earlier this year. On February 5, Gemini said it would shift focus to “Gemini 2.0,” making changes such as putting prediction markets at the center of its operations, reducing staff by a quarter, and exiting markets in the United Kingdom, European Union, and Australia. This announcement was followed by a drop in share price by nearly nine percent that day. Further declines occurred on February 17 when Gemini revealed departures of top executives and preliminary unaudited financial results showing operating expenses had risen about forty percent.
At the time of filing the complaint, shares were trading at $5.96 each—a decline of nearly seventy-nine percent from their $28 IPO price.
Investors may contact attorney Jonathan Naji at Kessler Topaz Meltzer & Check for more information about participating in the suit or acting as lead plaintiff representative before May 15. The firm noted there is no cost or obligation to speak with an attorney regarding this matter.
PR Newswire operates in more than 170 countries and supports distribution in over forty languages according to its official website. Its services include press release distribution through a network collaborating with over half a million media outlets and influencers globally as detailed on its official website. PR Newswire also provides expert editorial support around-the-clock along with AI-enhanced content tools according to information provided.
