Gemini faces New York class-action over 2025 IPO disclosures as shares slide to $6.01

Gemini is facing a New York class-action that claims the company misled investors about its business strategy in documents tied to its September 2025 IPO and later disclosures. The complaint seeks damages for investors who bought shares from the IPO through mid-February 2026, as the stock fell from a $32 first-day close to $6.01 on Thursday. The case follows Gemini's "Gemini 2.0" pivot toward a prediction market product and workforce cuts disclosed in early February.