NEW YORK, May 04, 2026 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP notifies investors that Marshall Beard, former Chief Operating Officer and Director of Gemini Space Station, Inc. (NASDAQ: GEMI), is named as a defendant in a securities class action filed in the United States District Court for the Southern District of New York. Find out if you can recover losses tied to executive misconduct. You may also contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com or (212) 363-7500.
GEMI shares have declined over 76% from the $28.00 IPO price to $6.585, a loss of $21.415 per share. Beard allegedly sold 479,901 shares of Gemini common stock during the Class Period, collecting approximately $11.8 million in proceeds while shareholders absorbed catastrophic losses.
What Marshall Beard Allegedly Oversaw
Beard served as COO and Director from the IPO through February 17, 2026, when his departure was announced alongside the exits of CFO Dan Chen and Chief Legal Officer Tyler Meade. The complaint identifies Beard as a signatory to the Registration Statement and a key member of the IPO working group who pitched investors to purchase shares at $28.00 each.
During the November 10, 2025 Q3 Earnings Call, Beard represented to investors that Gemini was making "important progress in strengthening Gemini's goal of being a trusted regulated partner around the world," highlighting the Company's MiCA license and its launch in Australia. The action contends these statements were misleading because, within months, Gemini would exit the UK, EU, and Australian markets entirely as part of the "Gemini 2.0" restructuring.
Beard's Alleged $11.8 Million in Stock Sales
The complaint charges that Beard had both motive and opportunity to commit fraud. While the allegedly misleading statements inflated GEMI's share price, Beard sold nearly 480,000 shares for approximately $11.8 million. Key allegations include:
- Beard signed the Registration Statement that allegedly overstated the viability of Gemini's core crypto platform and international expansion strategy
- As COO, Beard possessed the power and authority to control the contents of SEC filings and market communications
- Beard sold $11.8 million in GEMI shares while allegedly concealing the imminent corporate restructuring
- Beard participated in the Senior Executive Severance Plan, entitling him to his $1,272,500 annual salary and $254,500 bonus upon departure
- His February 17, 2026 exit was later tied explicitly to the "Gemini 2.0" pivot in an updated company blog post
Section 20(a) Context for Marshall Beard
As COO and Director, Beard is alleged to be a controlling person of Gemini under Section 20(a) of the Exchange Act. The pleading asserts he had access to material non-public information and knew that adverse facts had not been disclosed to the investing public.
"Individual officers who sign SEC certifications bear personal responsibility for the accuracy of corporate disclosures. The allegations regarding Mr. Beard's $11.8 million in stock sales while allegedly withholding material information from shareholders raise serious accountability questions." -- Joseph E. Levi, Esq.
LEAD PLAINTIFF DEADLINE: May 18, 2026
Speak with an attorney about executive accountability claims or call Joseph E. Levi, Esq. at (212) 363-7500.
Levi & Korsinsky, LLP, Top 50 securities litigation firm (ISS, seven consecutive years). Over 70 professionals. Hundreds of millions recovered for investors.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
Tel: (212) 363-7500
Fax: (212) 363-7171
