A securities class action in the Southern District of New York alleges Gemini and founders Tyler and Cameron Winklevoss misled investors in the Sept. 12, 2025 IPO by concealing a preplanned strategic overhaul called “Gemini 2.0.” Plaintiffs claim the undisclosed pivot led to foreseeable harms after the offering: the stock fell from $28 to $6.30 (~77.5% decline), Gemini cut 25% of its workforce, exited the UK, EU and Australia, and saw multiple senior executive departures. The suit argues these adverse developments should have been disclosed to investors and may affect disclosure standards in the crypto industry.

Plaintiffs allege Gemini hid a preplanned “Gemini 2.0” pivot at the Sept. 12, 2025 IPO; after the offering the stock plunged from $28 to $6.30 (~77.5%), the company announced a 25% workforce reduction, exited UK/EU/Australia, and saw multiple senior executive departures — these concrete post‑IPO developments directly harmed investors and are grounds for the lawsuit.