Gemini sued over post-IPO strategy shift, declining stock price
Crypto exchange Gemini is facing a proposed class-action lawsuit over what a complaint alleges is an “abrupt corporate pivot to a prediction-market-centric business model” after its IPO.
Gemini is facing a proposed class-action lawsuit in New York for allegedly misleading investors during and after the crypto exchange’s September initial public offering.
The lawsuit was filed on Thursday in Manhattan federal court by shareholders against Gemini, its co-founders Tyler and Cameron Winklevoss, and company executives.
Plaintiff Marc Methvin alleges that the company’s IPO documents portrayed Gemini as a growing crypto exchange focused on expanding its user base and international footprint, but that it made an “abrupt corporate pivot to a prediction-market-centric business model.”
