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Investor Alert: Class Action Filed Against Bakkt Holdings

In a significant development for investors, Pomerantz LLP has announced the filing of a class action lawsuit against Bakkt Holdings, Inc. (NYSE: BKKT), prompting urgent attention for those who have invested in the company. Pomerantz, a well-respected firm known for its expertise in securities class action litigation, is taking the lead in this important case, believing the company and its directors may have engaged in securities fraud or other unlawful business practices.

The alerts sent to potential class members emphasize the importance of contacting the firm, with key deadlines approaching. Investors who have suffered losses due to the drop in Bakkt’s stock value are encouraged to step forward. Direct contact with law firm representatives, such as Danielle Peyton, can provide guidance on how to proceed and ensure participation in the action.

Background of Events

The concerns that led to this class action arise from alarming reports about Bakkt’s changing fortunes. On March 17, 2025, the company disclosed that Webull Pay LLC had terminated its commercial agreement, effective June 14, 2025. This disclosure is particularly troubling as Webull accounted for a staggering 74% of Bakkt's crypto services revenue within the previous nine months, shedding light on how heavily the firm was reliant on this partnership. Given that Bakkt derived 98% of its total revenue from crypto services during this period, the termination will have severe repercussions.

Alongside Webull’s exit, Bakkt also announced the ending of its loyalty services contract with Bank of America, effective April 22, 2025. Bank of America represented 17% of Bakkt's loyalty services revenue prior to this announcement. Taken together, these cancellations paint a grim picture for Bakkt’s future, predicting a catastrophic 73% drop in their revenue stream.

As expected, such dire news led to a swift and dramatic reaction in the market. Following the announcements, Bakkt's stock plummeted, dropping $3.50 per share—equating to a staggering 27.28% decrease, bringing the closing price down to $9.33 per share on March 18, 2025.

Why This Lawsuit Matters

Class action lawsuits like the one filed by Pomerantz LLP serve a crucial role in holding companies accountable for potential misconduct that may have harmed investors. By joining this action, investors may draw attention to grievous errors or omissions that management made, potentially reclaiming losses linked to deceptive practices.

Investors have a window of opportunity until June 2, 2025, to request to be appointed as Lead Plaintiff for this class action. Those looking to involve themselves should consider the value of legal representation to navigate the complexities of this litigation; the law firm is equipped to protect their rights and pursue damages against alleged mismanagement.

Pomerantz LLP’s Legacy and Expertise

Founded by the esteemed Abraham L. Pomerantz, known as a pioneer in class action law, the firm has successfully recovered substantial damages for those defrauded in securities markets over its 85-year history. This firm’s ethos focuses on fighting for the rights of victims of corporate fraud, and their track record further solidifies their position as competent advocates for distressed investors.

As a proactive and engaged investor, staying informed about legal pathways and your rights is essential. Class action suits can provide a collective voice and a stronger front against companies that might have exploited shareholders. Interested investors should visit Pomerantz Law Firm's website to learn more and access necessary documents relating to the class action case.

If you have experienced losses due to Bakkt Holdings, it’s imperative to not delay in seeking justice. For assistance, contact Danielle Peyton directly at Pomerantz LLP.

In a landscape where financial transparency is vital, learning from such adverse events can strengthen your investment strategy moving forward.