#USA #New York #Class Action #Wolf Haldenstein #Bakkt Holdings

Wolf Haldenstein Invites Bakkt Investors to Join Class Action

On April 10, 2025, Wolf Haldenstein Adler Freeman & Herz LLP, a renowned law firm with a remarkable history exceeding 125 years, announced the filing of a securities class action lawsuit on behalf of investors who purchased or acquired Bakkt Holdings, Inc. securities during a specified period. This action could have significant implications due to the troubling revelations about Bakkt's revenue sources.

Understanding the Class Action

The class action lawsuit pertains to securities bought from March 25, 2024, through March 17, 2025. Investors from these dates are encouraged to step forward before the June 2, 2025, deadline to put forth their case and potentially be appointed as Lead Plaintiffs within the group.

The Allegations

The core of the lawsuit arises from a critical disclosure made by Bakkt. On March 17, 2025, the company announced, following market closure, that Webull Pay LLC was terminating its business agreement with Bakkt. This announcement was monumental as it was revealed that within a mere nine months, Webull formed an astonishing 74% of Bakkt's crypto services revenue. Furthermore, during the entire financial year leading up to December 31, 2024, Bakkt generated 98% of its revenue from crypto services. This sudden contractual termination was compounded by an additional major revelation: Bank of America was also terminating its loyalty services agreement, resulting in another substantial revenue impact, as it accounted for 17% of Bakkt's loyalty service income. The sequential loss of these contracts translates into a staggering expected 73% drop in Bakkt’s top-line revenue.

Market Reaction

The investor community responded sharply to this news. The day following the disclosures, Bakkt's stock plummeted by $3.50, representing a significant 27.28% decline, resulting in a closing price of $9.33 per share on March 18, 2025. This drastic drop elucidates the seriousness of the situation and reflects investor sentiment regarding Bakkt's future viability in light of the new developments.

Why Choose Wolf Haldenstein?

Investors seeking justice for financial losses caused by Bakkt's allegedly misleading statements can look towards Wolf Haldenstein, a firm renowned for its dedicated legal expertise in securities litigation. With a notable track record spanning over more than a century, this law firm is unwavering in its mission to uphold investor rights. They are actively seeking to hear from any investors affected by Bakkt's situation or those with pertinent information that may aid in their ongoing investigation.

Contact Information

Those interested in participating in the class action or who need more information can reach out to Wolf Haldenstein directly. The firm can be contacted via phone at (800) 575-0735 or (212) 545-4774. For email inquiries, interested parties can write to Gregory Stone, the Director of Case and Financial Analysis, at the firm’s email address. Further details are also available on the Wolf Haldenstein website.

This class action represents not just an avenue for potential restitution but a broader pursuit of accountability for firms that mislead investors. As Bakkt navigates this turbulent chapter, involved investors now hold an opportunity to join forces and make a stand against perceived corporate malfeasance.