%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment Gemini (NASDAQ: $GEMI ) has been hit with a class-action lawsuit by its shareholders who accuse the cryptocurrency exchange of pulling a bait-and-switch on them. The lawsuit filed in a Manhattan federal court alleges that the exchange run by twin brothers Cameron and Tyler Winklevoss lied to investors during their initial public offering (IPO) held in September 2025. The class-action suit claims that the Winklevoss twins raised capital based on a false growth story, then shifted into prediction markets and cost-cutting without any consultation. Shareholders blame the shift in strategy for a collapse in GEMI stock, which has declined 81% since the IPO. The share price has crashed from a peak of $40 U.S. to $6 U.S. Plaintiff and Gemini shareholder Marc Methvin has filed the class-action lawsuit, accusing Gemini executives of misleading shareholders about the company's business model and growth prospects. The complaint alleges that the Winklevoss twins secretly planned to pivot from their core exchange product to a prediction market model while cutting staff and exiting key regions. The lawsuit accuses Gemini of pulling a bait-and-switch on shareholders, pitching a global expansion, user growth, and international scale before abandoning those plans. In recent months, the Winklevoss twins announced "Gemini 2.0," a pivot toward prediction markets, a 25% workforce reduction, and exiting markets in Europe and Australia. The lawsuit argues that this change wasn't a reaction to market conditions but a planned strategy shift that made the IPO materials misleading. Neither Gemini nor the Winklevoss twins have responded publicly to the class-action lawsuit. But the company just reported a 2025 financial loss of $583 million U.S.