The most recent news about crypto industry at Cointelegraph. Latest news about bitcoin, ethereum, blockchain, mining, cryptocurrency prices and more
Crypto exchange Gemini is facing a proposed class-action lawsuit over what a complaint alleges is an “abrupt corporate pivot to a prediction-market-centric business model” after its IPO.Gemini is facing a proposed class-action lawsuit in New York for allegedly misleading investors during and after the crypto exchange’s September initial public offering.
The lawsuit was filed on Thursday in Manhattan federal court by shareholders against Gemini, its co-founders Tyler and Cameron Winklevoss, and company executives. Plaintiff Marc Methvin alleges that the company’s IPO documents portrayed Gemini as a growing crypto exchange focused on expanding its user base and international footprint, but that it made an “abrupt corporate pivot to a prediction-market-centric business model.”The plaintiffs are seeking a jury trial and damages for investors who bought shares at what the complaint describes as “artificially inflated prices” shortly after the IPO.According to the complaint, in November, Gemini executives publicly touted its international expansion progress, stating the company was committed to extending into “key global markets.”Later that month, the company’s chief financial officer, chief operations officer, and chief legal officer all departed as the firm reported increased operating expenses of around 40%, according to the lawsuit. The complaint claimed that as a result of these changes, the class group had seen “significant losses and damages” as Gemini’s stock price dropped to an all-time low of $5.82 by February 20.Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cotton Reacts to Gemini Pro's Hate Speech Accusations Against Conservative SenatorsSenator Tom Cotton condemned Google Gemini Pro after it flagged his statements on transgender athletes and diversity initiatives as hate speech. The AI system's assessment, based on its hate speech policies, also targeted other prominent Republican figures for their views on similar topics.
Read more »
Republican senator dismisses reported violation of AI hate speech policyGoogle Gemini reportedly accused Senator Tom Cotton of violating its policies on hate speech and harassment.
Read more »
Google Gemini Reportedly Accuses Senator Tom Cotton of Hate Speech, Sparking DebateA report claims Google's Gemini AI chatbot accused Senator Tom Cotton of hate speech due to his comments on topics such as gay rights, diversity programs, and transgender sports. The National News Desk attempted to replicate the findings, without receiving the same accusation, which has ignited debate about the potential for bias in AI and its impact on political discourse. This incident comes amidst ongoing discussions about Big Tech's role in moderating content and the accusations of bias against conservative viewpoints, coupled with Google's efforts to mitigate bias in its AI models.
Read more »
Senator Cotton Rejects Google Gemini's Allegations of Hate SpeechSenator Tom Cotton disputes reports that Google Gemini accused him of violating its hate speech policies. The claims, detailed in a new book, center on Cotton's comments regarding LGBTQ+ issues, including transgender sports. While Google states its AI model strives to avoid bias, the incident reignites concerns about Big Tech's potential political leanings, a long-standing criticism from Republicans.
Read more »
Kings Island, Cedar Point go head-to-head in March Madness-style 'Ohio Thrill Throwdown'Among the first-round pairings are Racer vs. Gemini and Diamondback vs. Siren’s Curse.
Read more »
Google is readying Gemini AI app for Mac with Desktop IntelligenceTech Product Reviews, How To, Best Ofs, deals and Advice
Read more »