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Robbins LLP Issues Warning to Bakkt Holdings, Inc. Investors Amid Class Action Lawsuit News

Investor Notice: Robbins LLP Initiates Class Action for Bakkt Holdings, Inc. Investors

On April 3, 2025, Robbins LLP, a leading law firm specializing in shareholder rights, has officially notified investors about a class action lawsuit aimed at Bakkt Holdings, Inc. (NYSE: BKKT). This legal action is directed towards all entities and individuals who either purchased or acquired securities from Bakkt between March 25, 2024, and March 17, 2025.

Understanding Bakkt's Operations

Bakkt Holdings, Inc. is a technology firm focused on the cryptocurrency sector, providing services related to the buying, selling, and storage of digital assets. Despite the potential of cryptocurrency and its growing relevance in the financial ecosystem, the recent developments surrounding Bakkt raise serious concerns about the company's operational integrity and financial stability.

Allegations Against Bakkt

The class action lawsuit is rooted in serious allegations that Bakkt misled its investors regarding critical aspects of its crypto services revenue. Key allegations outlined in the legal filing include:
1. Misrepresentation of Revenue Stability: The complaint suggests that Bakkt has failed to accurately convey the stability and diversification of its revenue sources from crypto services.
2. Dependency on a Single Contract: It is revealed that Bakkt's revenue was significantly reliant on a single contract with Webull, which was not disclosed adequately.
3. Client Relationship Misrepresentations: The company allegedly misrepresented its ability to sustain vital relationships with its key clients.

These disclosures came to light on March 17, 2025, when Bakkt officially announced that Webull would terminate their commercial agreement effective June 14, 2025. According to Bakkt, in the previous nine months prior to September 30, 2024, Webull contributed to a staggering 74% of Bakkt's revenue from crypto services. Additionally, the company revealed an overwhelming 98% of its total revenue was sourced from crypto services during that same period.

In another turn of events, Bakkt disclosed that Bank of America was also terminating its loyalty services contract with the company effective April 22, 2025, which accounted for 17% of Bakkt's loyalty services revenue. Collectively, these cancellations will result in a drastic forecast of a 73% decline in the company's top line revenue going forward. Following these revelations, Bakkt's stock price plummeted by $3.50, a staggering drop of around 27.3%, closing at $9.33 per share on March 18, 2025.

What This Means for Investors

The law firm Robbins LLP is actively seeking to represent investors who may have been adversely affected by these developments. Shareholders interested in taking on the role of lead plaintiff in this class action are encouraged to reach out to Robbins LLP. The position of lead plaintiff entails directing the litigation on behalf of other class members. Importantly, participants are not required to engage actively in the case to qualify for a financial recovery.

If you decide to remain passive, you will still be entitled to recovery as an absent class member, ensuring that all affected parties receive justice. For further inquiries or to participate, investors can connect with Robbins LLP directly via their established contact methods.

About Robbins LLP

Robbins LLP has established itself as a prominent firm in the realm of shareholder rights litigation. Since its inception in 2002, the legal representatives at Robbins LLP have dedicated their careers to advocating for investors' rights, recovering losses, enhancing corporate governance, and holding negligent executives accountable for their actions.

In conclusion, if you wish to stay informed regarding this class action or receive alerts for any corporate misconduct involving Bakkt Holdings, it is advisable to subscribe to their updates via Stock Watch. Robbins LLP highlights that all legal representation will operate on a contingency fee basis, which means shareholders are not responsible for payment unless successful in their claims.

For more personalized assistance, investors can directly contact: