Gemini has been sued by shareholders for allegedly misleading investors during and after its initial public offering in September. The lawsuit, filed in a Manhattan federal court, alleges that the company made misleading statements about its expanding user base and international footprint but instead pivoted to a prediction-market-centric business model. The plaintiffs are seeking a jury trial and damages for investors who bought shares at artificially inflated prices shortly after the IPO. The company announced a pivot to prediction markets in February and announced it would cut 25% of its workforce and exit the EU, UK, and Australian markets.