Legal Actions: Bakkt Holdings Faces Class Action Lawsuit
Class Action Against Bakkt Holdings, Inc.
An important lawsuit is underway regarding Bakkt Holdings, Inc. (NYSE: BKKT), impacting those who invested in the company. Recently, Wolf Haldenstein Adler Freeman & Herz LLP has initiated a securities class action lawsuit on behalf of individuals or entities who purchased or otherwise acquired Bakkt securities within a specified time period. This legal action stems from serious allegations of misleading statements regarding the company's business operations.
Understanding the Accusations
The core of the filed complaint claims that the company made significant misrepresentations about its financial health. It was revealed that on March 17, 2025, Bakkt announced that Webull Pay LLC was terminating their commercial agreement, effective June 14, 2025. This development has raised major concerns, as Webull represented 74% of Bakkt's crypto service revenue during the nine months leading up to September 30, 2024, and a staggering 98% of the company’s overall revenue was derived from these services.
Loss of Key Partnerships
In addition to losing Webull, Bakkt also disclosed that Bank of America is terminating their loyalty services contract effective April 22, 2025. This partnership accounted for 17% of Bakkt’s loyalty services revenue, which further exacerbates the company’s financial woes. The cumulative effect of these cancellations is expected to result in a 73% decline in Bakkt's top-line revenue, a figure that sends shockwaves through investor confidence.
Investor Implications
The legal implications of these events are profound for investors. Those who acquired Bakkt's securities within the specified class period have until June 2, 2025, to take action if they wish to be appointed as Lead Plaintiff. This is a crucial opportunity for stakeholders to participate actively in the legal proceedings and potentially seek restitution for financial losses incurred due to the company's alleged misrepresentations.
About Wolf Haldenstein Adler Freeman & Herz LLP
The law firm spearheading this action, Wolf Haldenstein, has built a strong legacy of advocating for investor rights and has a history dating back to 1888. They are well-respected for their expertise in securities litigation, and they are committed to defending the interests of investors who have suffered due to misleading business practices.
How to Get Involved
Investors who feel they have been affected by these developments are encouraged to reach out. The firm is actively seeking new clients with relevant information or those who wish to join the lawsuit. The process is simple and provides a channel for affected investors to voice their experiences and concerns.
Contact Information
For inquiries, potential plaintiffs can contact the firm through the following avenues:
- Phone: (800) 575-0735 or (212) 545-4774
- Contact Person: Gregory Stone, Director of Case and Financial Analysis
Frequently Asked Questions
What is the nature of the lawsuit against Bakkt Holdings?
The lawsuit alleges that Bakkt made misleading statements about its business operations, specifically regarding key contracts and revenue sources.
Who can participate in the class action lawsuit?
Individuals or entities who purchased Bakkt securities during the specified Class Period can participate by filing to be appointed as Lead Plaintiff.
What is the deadline for filing to be part of the class action?
Investors have until June 2, 2025, to request to be appointed as Lead Plaintiff in the lawsuit.
How has the stock price reacted to these news?
Following the announcement of the lawsuit and the termination of key partnerships, Bakkt's stock price fell significantly, reflecting the market's negative sentiment.
What should affected investors do?
Affected investors are urged to contact Wolf Haldenstein to discuss potential joining of the class action and contribute any relevant information.
About The Author
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