Gemini Crypto Exchange Hit With Class-Action Lawsuit Over Strategy Shift

Shareholders blasted the displacement successful strategy for a illness successful GEMI stock, which has declined 81% since the IPO. The stock terms has crashed from a highest of $40 U.S. to $6 U.S. 

Plaintiff and Gemini shareholder Marc Methvin has filed the class-action lawsuit, accusing Gemini executives of misleading shareholders astir the company’s concern exemplary and maturation prospects.

The ailment alleges that the Winklevoss twins secretly planned to pivot from their halfway speech merchandise to a prediction marketplace exemplary portion cutting unit and exiting cardinal regions.

The suit accuses Gemini of pulling a bait-and-switch connected shareholders, pitching a planetary expansion, idiosyncratic growth, and planetary standard earlier abandoning those plans. 

In caller months, the Winklevoss twins announced “Gemini 2.0,” a pivot toward prediction markets, a 25% workforce reduction, and exiting markets successful Europe and Australia. 

The suit argues that this alteration wasn’t a absorption to marketplace conditions but a planned strategy displacement that made the IPO materials misleading.

Neither Gemini nor the Winklevoss twins person responded publically to the class-action lawsuit. But the institution conscionable reported a 2025 fiscal nonaccomplishment of $583 cardinal U.S.