Gemini Faces Class Action Lawsuit Alleging Misleading or Incomplete Disclosures Around Its IPO

**March 20 (The Block) — Gemini and its co-founders Tyler and Cameron Winklevoss face a class-action lawsuit filed Wednesday in the U.S. District Court for the Southern District of New York.** The complaint accuses the crypto exchange of making false or incomplete statements about its business strategy ahead of and following its September 2025 Nasdaq IPO, seeking damages for investors who purchased Gemini stock between the IPO and mid-February 2026. Gemini went public in September 2025, closing at $32 on its first day—but has since plummeted over 80%, finishing at $6.01 on Thursday. Plaintiffs allege the IPO offering framed Gemini as a growth-focused platform prioritizing monthly active user growth and international expansion, without disclosing preparations for a major strategic pivot. Earlier this February, Gemini rolled out its "Gemini 2.0" strategy: a shift to prediction market products, a 25% workforce reduction, and exits from markets including the UK, EU, and Australia—a stark departure from its prior international expansion push. The complaint also cites departures of key executives (CFO, COO, CLO) as evidence of internal turmoil at the firm.