Gemini sued over alleged deception for post-IPO pivot

Shareholders filed a proposed class action Thursday in Manhattan federal court against Gemini, co-founders Tyler and Cameron Winklevoss, and company executives, alleging they made misleading statements in the exchange's IPO documents. Plaintiff Marc Methvin says the documents portrayed Gemini as a growing exchange focused on expanding its user base and international footprint, then the company made an "abrupt corporate pivot to a prediction-market-centric business model." Gemini priced its September IPO at $28 and briefly reached $40, but the stock has since fallen by more than 80% to about $6.

The complaint ties the decline to an early February announcement of "Gemini 2.0", a shift to prediction markets, a 25% workforce cut and exits from the EU, UK and Australian markets.

United States, Manhattan

gemini, tyler winklevoss, cameron winklevoss, ipo, gemini 2.0, prediction markets, class action, marc methvin, stock decline, workforce cut