Gemini and its co-founders, Tyler and Cameron Winklevoss, are facing a class-action lawsuit in New York. The lawsuit alleges that Gemini misrepresented its business focus in IPO filings, initially presenting itself as an exchange aiming to expand its user base and international reach. However, the company later pivoted to a prediction market model, leading to an 80% drop in its stock price from $28 to around $6. In February, Gemini announced its "Gemini 2.0" strategy, which included a 25% workforce reduction and withdrawal from the EU, UK, and Australian markets. The same month saw the resignation of the company's CFO, COO, and General Counsel. The plaintiff is seeking damages and has requested a jury trial.