Alphabet CEO and CFO Named in Securities Suit Over Gemini 3.5 Pro Launch Claims

What the complaint alleges

The notice was issued by SueWallSt, which is powered by the law firm Levi & Korsinsky LLP. It says the complaint pleads a Section 10(b) and Rule 10b-5 claim against all defendants, plus a separate Section 20(a) claim aimed only at Pichai and Ashkenazi. Section 20(a) concerns alleged control person liability.

At issue are statements that Gemini 3.5 Pro, described as Alphabet's flagship AI model, would arrive in June 2026. According to the press release, these were made at the May 19 Google I/O conference and repeated on a June 3 Special Investor Call. The complaint alleges that defendants did not disclose that the model was delivering disappointing training results or that its launch would be significantly delayed.

These are allegations from the plaintiffs' side. The press release does not report any response from Alphabet or any court ruling.

The role of the two executives

The pleading asserts that the senior positions of Pichai and Ashkenazi gave them power over Alphabet's decision-making, including the content of SEC reports, press releases, and presentations to analysts and institutional investors.

• Pichai, CEO at all relevant times, allegedly delivered the challenged June launch statements at Google I/O and on the Special Investor Call.
• Ashkenazi, CFO at all relevant times, allegedly shared authority over the contents of SEC reports and investor presentations.
• Both allegedly received challenged reports and releases before or shortly after issuance and had the ability to prevent or correct them.

The complaint also charges that both were privy to internal budgets, plans, projections, and reports through their roles. Plaintiffs seek compensatory damages against all defendants, jointly and severally.

Share price drop and later reporting

The press release ties the case to July 16, 2026. On that day Alphabet Class A shares fell $16.46, or 4.4%, to close at $354.46 on unusually heavy volume, and Class C shares fell $16.39 to $353.58. The release says shares fell after Bloomberg reported on July 16 that Google was months behind schedule on delivering Gemini 3.5 Pro and that results from recent training data updates were disappointing.

The release adds that on September 30, 2026, Reuters reported that Google no longer plans to release Gemini 3.5 Pro at all. That claim comes from the press release's account of the Reuters report.

Court, deadline and what investors can do

According to the release, the case was filed in the United States District Court for the Northern District of California and is governed by the Private Securities Litigation Reform Act of 1995. Investors who want to be considered for lead plaintiff must file by December 1, 2026.

The firm says eligibility depends on when shares were bought, not whether they are still held, so investors who purchased during the class period and sold at a loss may still qualify. It states that no immediate action is required to remain eligible as an absent class member, and that such cases are generally handled on a contingency basis, with attorneys' fees and expenses subject to court approval.

The release is attorney advertising, and it says prior results do not guarantee similar outcomes. For the market, the case shows how statements about AI product timelines can become the subject of securities litigation when launches slip.