Article ID: 11c0250405d3e43925c0a4be2ae84dc7b4ebfa408cb7b35db6c9bd65a0c0d9db
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URL: https://www.businessinsurance.com/winklevosses-gemini-space-station-sued-by-shareholders/
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Winklevosses’ Gemini Space Station sued by shareholders - Business Insurance Skip to content Register for free Search Search Log In Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Winklevosses’ Gemini Space Station sued by shareholders Cameron and Tyler Winklevoss D&O , Risk Management Mar 19, 2026 (Reuters) – Gemini Space Station and its billionaire founders Cameron and Tyler Winklevoss were sued by shareholders who said they were defrauded about the cryptocurrency exchange’s business prospects, and suffered losses as a strategy shift, mounting losses, job cuts and executive departures caused the stock price to fall. In a proposed class action complaint filed on Wednesday night in Manhattan federal court, shareholders said Gemini made false and misleading statements in marketing documents for its September 11, 2025, initial public offering by overstating the viability of its crypto platform and its ability to grow internationally. They also said the New York-based company didn’t disclose it was poised for an “abrupt corporate pivot” to focus on prediction markets, where users wager on the likelihood of future events. Shareholders said Gemini’s problems surfaced in February when the company said it would cut about 25% of its workforce and wind down European Union, U.K. and Australian operations; announced it was “parting ways” with its chief operating officer, chief financial officer and chief legal officer; and projected a 2025 net loss of as much as $602 million, or $267 million before interest, taxes, depreciation, amortization and other adjustments. The share price fell after those announcements to below $7, more than 75% below the $28 IPO price. Gemini did not immediately respond on Thursday to requests for comment. The lawsuit seeks unspecified damages for shareholders between September 12, 2025, and February 17, 2026. Tyler Winklevoss is Gemini’s chief executive, and Cameron Winklevoss is its president. The identical twins were each worth $2.7 billion as of Wednesday, Forbes magazine said. 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