ChainThink News, March 20: According to The Block, Gemini has been hit with a class-action lawsuit, which was filed in the U.S. District Court for the Southern District of New York this Wednesday. The complaint alleges that Gemini and its co-founders Tyler Winklevoss and Cameron Winklevoss made false or incomplete statements regarding the company’s business strategy in prospectuses and subsequent disclosures before and after the IPO in September 2025. The suit seeks damages on behalf of investors who purchased shares between the IPO and mid-February 2026.

Gemini went public on NASDAQ in September 2025, closing at $32 on its first day, but has since declined by over 80% cumulatively, trading at $6.01 on Thursday. Plaintiffs argue that the prospectus portrayed Gemini as a growth-oriented crypto platform focused on expanding monthly active users and international markets, while failing to disclose that the company was already preparing for a major strategic pivot.

Early this February, Gemini unveiled its "Gemini 2.0" strategy, announcing a strategic shift toward prediction market products, laying off approximately 25% of staff, and exiting key markets including the UK, EU, and Australia—contradicting its previously stated international expansion plans. The complaint also cites the departure of multiple senior executives, including the CFO, COO, and CLO, as evidence of internal turmoil within the company.