Yes, this is possible under the right circumstances. For example: In 2018, a company called "IEG Holdings Corporation", doing business as "Mr. Amazing Loans" made what's called a "tender offer" to owners of Lending Club stock. (I received this offer at the time.) You can read the text of the offer here:
The offer handwaved some numbers on the first page, alleging that the "AMOUNT YOU MAY POTENTIALLY GAIN" was 19 cents per share. Reading the actual conditions of the offer made it obvious that the reality was very different, and anybody tendering to the offer would most likely be doing so at a substantial loss. LendingClub put out a press release detailing some of this, and pointing to similar past offers by the same offeror which had negative consequences for people who accepted them:
The offering document, in particular, discloses the following:
"IEG Holdings has executed and initiated reverse stock splits that have resulted in a reduction in the number of stockholders of IEG Holdings. Lending Club stockholders who [accept] may be involuntarily cashed out in the future at a price per share that is lower than the price at which the IEG Holdings shares are valued in the Offer. In April 2016 and October 2016, we effected reverse and forward stock splits. In each case, stockholders who would otherwise have received fractional shares received cash in exchange for shares of IEG Holdings. These stockholders were involuntarily cashed out ... If we decide to execute a reverse stock split following the Offer, ... Lending Club stockholders who tender their shares in the Offer ... could be required to accept cash in exchange for their shares of IEG Holdings. If, for example, the stock price of IEG Holdings common stock is at that point below the price at which the IEG Holdings common stock is valued in this Offer, such stockholders could receive consideration for their IEG Holdings common stock that is less than the value of their tendered Lending Club shares at the time of the Offer."
IEG Holdings appears to be a public company, but it does not trade on any stock exchange -- it's a "penny stock", trading over-the-counter, so the market in it is not very liquid; and it appears to be effectively under the control of a single person. Anybody who accepted this superficially-favorable tender offer would ultimately have not much option but to be -- in the offer's own words -- "involuntarily cashed out" by a reverse split subsequently.
Although I am not a lawyer, I would be shocked if there was not something in all this which the SEC could find fault with. However, as the offer was ultimately withdrawn, it did not get litigated. The company was apparently successful in a similar past offer (As described in LendingClub's press release warning.)
I agree with other answers that this kind of monkey business is unusual, and that most reverse splits are unlikely to be so blatantly against the interests of the stockholders as the one described here. (And frankly it's not the worst part of what I have described here, by a longshot -- accepting the tender offer is the mistake here, the reverse split is just a technical detail.) But it's still something to watch out for.