people · May 18, 2026
Gemini Faces Class Action Lawsuit Alleging Concealed Corporate Pivot and Executive Departures
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Hagens Berman filed a securities class action lawsuit against Gemini Space Station, Inc. (NASDAQ: GEMI) on May 15, 2026, on behalf of investors who purchased shares from September 9, 2025, through February 17, 2026. The suit alleges Gemini concealed an impending pivot to Gemini 2.0 announced February 5, 2026, which shifted focus to prediction markets, exited the United Kingdom and Australia, and reduced the workforce by 25%. On February 17, 2026, Gemini announced the simultaneous departure of COO Marshall Beard, CFO Dan Chen, and Chief Legal Officer Tyler Meade, less than six months after its September 2025 IPO at $28 per share. The stock fell more than 75% to below $7 per share following these disclosures and a projected $602 million net loss for 2025.