Gemini and its founders face a shareholder class-action lawsuit due to strategic shifts and stock price decline following the IPO.

Techub News reports, according to Cointelegraph, cryptocurrency exchange Gemini and its co-founders Tyler Winklevoss and Cameron Winklevoss are facing a shareholder class-action lawsuit in New York. The complaint alleges that Gemini's statements in its September IPO filing were misleading, portraying itself as an exchange focused on expanding its user base and international business, but then "abruptly pivoted to a prediction market-centric business model," leading to a stock price decline. Gemini went public on Nasdaq last September with an offering price of $28 per share. The stock once reached $40 but has since fallen over 80%, trading around $6 on Thursday.