Class Action Lawsuit Filed Against Bakkt Holdings: What Investors Need to Know

Investor Alert: Class Action Lawsuit Against Bakkt Holdings, Inc.

In a significant development for investors, Pomerantz LLP has announced the initiation of a class action lawsuit against Bakkt Holdings, Inc. (NYSE: BKKT). This legal action is a crucial response for those who incurred losses on their investments in Bakkt, especially following troubling disclosures regarding the company's financial standing. Investors are urged to keep abreast of forthcoming deadlines and details pertinent to this case.

Background of the Lawsuit

This class action lawsuit centers on allegations that Bakkt and its executives may have engaged in securities fraud or violated various legal business practices. Investors who purchased or otherwise acquired Bakkt securities during the specified Class Period are invited to participate and potentially be appointed as Lead Plaintiffs in the ongoing litigation.

The deadline for interested parties to apply as Lead Plaintiffs is June 2, 2025. Those wishing to join the class action are encouraged to contact Danielle Peyton from Pomerantz LLP by email at [email protected] or via phone at 646-581-9980.

Recent Developments Impacting Bakkt

Bakkt has recently faced shocking news regarding the termination of key partnerships that have supported its business model. Notably, on March 17, 2025, Bakkt announced that Webull Pay LLC would terminate their commercial agreement effective June 14, 2025. This operational shift is especially concerning because Webull contributed a staggering 74% of Bakkt's crypto services revenue over a nine-month period leading up to September 30, 2024, and an overwhelming 98% of Bakkt’s total revenue stemmed from crypto services.

Further complicating matters, Bakkt disclosed that Bank of America would also end its contract for loyalty services with Bakkt, effective April 22, 2025. This relationship accounted for 17% of Bakkt's loyalty revenue during the same time frame. Such cancellations suggest a combined revenue downturn of approximately 73% moving forward, which is a considerable hit for the already beleaguered company.

Following these announcements, Bakkt's stock price saw a drastic decline, plummeting by $3.50 per share, translating to a 27.28% drop, with shares closing at $9.33 on March 18, 2025. This sharp decline is indicative of the serious concerns investors now have regarding Bakkt's future stability.

The Role of Pomerantz LLP

Pomerantz LLP, with a rich history of handling corporate, securities, and antitrust litigation, takes a leading role in this class action. Founded by Abraham L. Pomerantz, the firm is highly regarded for its commitment to fighting for the rights of victims of corporate misconduct and securities fraud. Having recovered multi-million dollar settlements for its clients over its storied tenure, Pomerantz continues to be a strong advocate for investor rights.

As the case develops, it is crucial for all affected investors to stay informed and proactive. A full copy of the complaint and further information on how to join this significant legal action can be obtained through the Pomerantz LLP website at www.pomerantzlaw.com.

Investors should remain vigilant and recognize that participation in a class action lawsuit can often serve as a pathway to recover financial losses suffered due to mismanagement or illegal practices by corporate executives.

For those curious about their options and the nature of claims, reaching out to legal experts or specialized law firms is advised to gain a deeper understanding of their rights and potential next steps.

Conclusion

The unfolding situation at Bakkt Holdings, Inc. serves as a critical reminder of the risks inherent in investing, particularly in high-stakes markets like cryptocurrency. With the looming class action, investors must remain alert to the developments within the company and act accordingly to protect their financial interests. As the legal landscape evolves, so too should the strategies of shareholders to safeguard their investments.