Gemini, Winklevoss Twins Sued By Investors For 'False' IPO Claims, Operational Shifts — Crypto Exchange's Q4 Loss Deepens

Gemini Space Station, Inc. (NASDAQ: GEMI) is facing a class action lawsuit from shareholders who allege that the company misled investors regarding its Initial Public Offering by overstating the viability of its business and international expansion. In its fourth-quarter financial results, Gemini reported a per-share loss of $1.22, which was below analyst expectations, despite revenue of $60.30 million exceeding the $52 million estimate. Following the results, Citi downgraded the stock from 'Neutral' to 'Sell' and reduced its price target from $13 to $5.50.