Gemini Faces Class-Action Suit After Shares Plunge More Than 80% Since IPO

Gemini has been hit with a class-action lawsuit from investors who allege the Winklevoss-founded exchange misled shareholders about its business model before and after its Nasdaq debut in September 2025. Shares have fallen from the $28 IPO price to about $6 after the company unveiled "Gemini 2.0," a shift toward prediction markets. The overhaul included a 25% staff reduction, withdrawals from the UK, EU and Australia, and the February departures of its COO, CFO and Chief Legal Officer.