Pomerantz Law Firm Issues Important Class Action Alert for Investors in Bakkt Holdings, Inc. Amid Major Revenue Losses

Overview of the Situation

In a significant turn of events, Pomerantz LLP has announced that a class action lawsuit is underway against Bakkt Holdings, Inc. (NYSE: BKKT), highlighting alarming circumstances surrounding the company that could severely impact investors. This legal action arises from claims of securities fraud and other potentially unlawful business practices by Bakkt’s management. Investors are encouraged to examine their positions and consider joining as plaintiffs in response to these developments.

Details of the Class Action

Investors who have suffered losses from their investments in Bakkt Holdings are reminded of important upcoming deadlines for joining the class action suit. The cut-off date to file for lead plaintiff status is June 2, 2025. Interested parties can reach out to Danielle Peyton at Pomerantz LLP via email or phone to gather more information or submit their claims. Those contacting the firm should provide their contact information and the number of shares they purchased, ensuring a smoother intake process.

Company's Current Challenges

The situation escalated on March 17, 2025, when Bakkt disclosed two significant cancellations by major clients that could lead to catastrophic revenue losses. Webull Pay LLC, a primary partner in Bakkt's business model, decided to terminate their agreement, a move that will take effect on June 14, 2025. This relationship previously accounted for 74% of Bakkt's crypto services revenue during the nine months leading up to September 30, 2024. Furthermore, the company reported that it depended on crypto services for an overwhelming 98% of its overall revenue during this same period.

Adding to Bakkt's troubles, Bank of America announced the end of its loyalty services contract with Bakkt as of April 22, 2025. This partnership contributed 17% of Bakkt's loyalty services revenue during the previous nine months. With these cancellations, Bakkt is now facing an expected decline of 73% in its top-line revenue, leading to a sharp downturn in their stock performance.

Impact on Investors

The repercussions of these announcements were immediate and evident. Following the news, Bakkt's stock price plummeted by $3.50 per share, marking a steep 27.28% decline, closing at $9.33 per share on March 18, 2025. Investors are understandably concerned about the future of their investments amid such significant changes, which is likely what prompted the action from Pomerantz LLP.

About Pomerantz LLP

Pomerantz LLP is a well-respected law firm that has established a reputation in the realm of corporate, securities, and antitrust class action litigation. With an impressive history of fighting for the rights of those affected by corporate misconduct, the firm was founded by Abraham L. Pomerantz, a pioneer in class action lawsuits. Currently, they continue to advocate for victims, successfully recovering substantial damages on behalf of class members over the years.

Conclusion

Given these alarming developments, it is crucial for affected investors in Bakkt Holdings to act swiftly. Joining the class action lawsuit not only provides a chance to hold the company accountable but also offers a pathway for recovering some losses stemming from these adverse conditions. Interested parties should not hesitate to contact Pomerantz LLP, where experienced legal counsel awaits to guide them through the intricacies of the case and ensure their voices are heard in the ongoing battle against corporate injustice.