SAN FRANCISCO, CA / ACCESSWIRE / January 26, 2023 / National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP recommends that investors who suffered losses from purchasing Gemini Interest Accounts (GIAs") and/or through investing in the Gemini Earn program ("Gemini Earn") of Gemini Trust Company, LLC ("Gemini") from February 2, 2021 through the December 27, 2022, inclusive (the "Class Period) contact our law firm immediately for more information regarding the pending securities fraud class action against Gemini. The cutoff to apply to be a lead plaintiff is February 27, 2023.
Class Period: February 2, 2021 - December 27, 2022
Lead Plaintiff Motion Deadline: February 27, 2023
Case information: lieffcabraser.com/securities/gemini/
Contact us: Email or text [email protected] or call 1-800-541-7358
Gemini, a crypto asset exchange and lending platform headquartered in New York, New York, offered and sold Gemini Interest Accounts ("GIAs") to investors through Gemini Earn, which allowed investors to lend crypto assets in exchange for interest payments.
When Genesis encountered financial distress as a result of a series of collapses in the crypto market in 2022, including FTX Trading Ltd., Genesis was unable to return the crypto assets it borrowed from Gemini Earn investors. On or about November 16, 2022, Gemini paused the Gemini Earn program and announced it would not be able to honor participants' redemption requests within the service agreement timeframe.
The action alleges that Gemini made materially false and misleading statements about GIAs being a safe method for storing crypto assets and collecting interest payments, and omitted and concealed relevant information concerning the risks associated with Gemini Earn, including information regarding the program partner Genesis Global Capital, LLC. The action also alleges that defendants failed to register Gemini as an exchange and/or broker-dealer, and offered and sold unregistered securities, including GIAs and other crypto assets, on Gemini.
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SOURCE: Lieff Cabraser Heimann & Bernstein