Overview
- Shareholders filed class actions in Manhattan federal court accusing Gemini and founders Tyler and Cameron Winklevoss of misleading IPO disclosures that overstated the exchange’s viability and international growth while not revealing an impending shift to prediction markets.
- The cases cover investors who bought in or traceable to the Sept. 12, 2025 IPO and through Feb. 17, 2026, and a coordinated lead‑plaintiff deadline has been set for May 18, 2026 (SDNY docket 1:26‑cv‑02261).
- In February, Gemini announced “Gemini 2.0,” putting prediction markets front and center, cutting about 25% of staff, and exiting the U.K., EU, and Australia; days later the COO, CFO, and CLO departed as shares fell below $7, more than 75% under the $28 offering price.
- On March 19, Gemini reported Q4 revenue of $60.3 million, up 39% year over year, and full‑year 2025 revenue of $179.6 million, while net losses widened to $140.8 million for Q4 and $582.8 million for the year.
- Citi downgraded GEMI to Sell this week with a $5.50 price target ahead of earnings; the stock briefly bounced after the report before touching new lows on Friday.