Gemini faces class-action lawsuit, accused of making false or incomplete statements to investors regarding business strategy before and after IPO

CycleProphet

2026-03-20 11:42:40

Abstract generation in progress

Deep Tide TechFlow News, on March 20, according to The Block, cryptocurrency exchange Gemini faces a class-action lawsuit in New York. The plaintiffs allege that the company made false or incomplete statements about its business strategy to investors before and around its 2025 initial public offering (IPO).

The lawsuit was filed this Wednesday in the U.S. District Court for the Southern District of New York. Defendants include Gemini and co-founders Tyler Winklevoss and Cameron Winklevoss. The plaintiffs claim that Gemini’s IPO documents portrayed the company as a crypto platform focused on expanding monthly active users and international presence, but failed to disclose that it was preparing for a major strategic shift.

Gemini’s stock was listed on Nasdaq in September 2025, with an opening price of $32. By this Thursday, it had fallen to $6.01, a decline of over 80%.

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