Gemini, Tyler Winklevoss and Cameron Winklevoss are facing a securities class action that alleges the company’s IPO disclosures hid plans to move away from its core cryptocurrency trading business and toward a prediction market strategy. The lawsuit says investors were not properly informed before Gemini’s September 2025 Nasdaq listing and later suffered losses after the stock fell sharply. Earlier reporting on the case said Gemini’s shares dropped from $32 on their first trading day to $6.01, a decline of more than 80%, while the company later announced its Gemini 2.0 strategy, cut about 25% of staff, exited the EU, UK and Australia, and saw executive departures.