Robbins LLP has filed a class action against Gemini Space Station, Inc. accusing it of misleading investors in its IPO offering documents by overstating the viability of its cryptocurrency platform and international growth. The lawsuit follows Gemini’s February pivot announcement that included a 25% reduction in staff, an exit from UK, EU and Australian markets, subsequent executive resignations and disclosures of higher-than-forecast operating expenses that coincided with sharp declines in the company’s share price.

The New York Attorney General has sued Gemini alleging its Titan prediction market functions as illegal gambling by permitting bets on real-world events and accepting wagers from under-21 users in violation of state law. The state seeks at least $1.2 billion in damages plus fines and restitution, while Gemini contests the action on grounds that prediction markets fall under federal Commodity Futures Trading Commission jurisdiction.