The Gemini and Winklevoss brothers are facing a securities class-action lawsuit over allegations of misleading IPO filings and secret business restructuring.

According to Mars Finance, the U.S. District Court for the Southern District of New York has filed a securities class-action lawsuit against the U.S. cryptocurrency exchange Gemini Space Station, Inc. (Gemini) and its founders, including Tyler Winklevoss and Cameron Winklevoss. The lawsuit alleges that Gemini made materially misleading statements in its initial public offering (IPO) filings dated September 12, 2025, failing to disclose its plan to shift from its core cryptocurrency trading platform business to a prediction market-centric "Gemini 2.0" model. The lawsuit also states that Gemini announced a 25% reduction in its workforce in February 2026 following its IPO and its withdrawal from the UK, EU, and Australian markets. Furthermore, the company's CFO Dan Chen, COO Marshall Beard, and Chief Legal Officer Tyler Meade have recently resigned. According to market data, Gemini's stock price is currently $6.30, a 77.5% drop from its IPO price of $28, resulting in significant losses for investors.