Winklevoss Twins Sued Over Gemini Prediction Market Pivot

A Gemini Space Station Inc. investor sued the cryptocurrency platform and its executives for allegedly misleading shareholders about the company’s business strategy and financial prospects around its initial public offering in September.

Gemini’s initial public offering documents falsely portrayed the company as focused on expanding its cryptocurrency exchange platform internationally while failing to disclose plans for a major business pivot to prediction markets, investor Marc Methvin asserted in a complaint filed Wednesday in the US District Court for the Southern District of New York.

Methvin seeks to represent a class of investors who acquired Gemini stock between its IPO on ...