Class Action Lawsuit Filed Against Bakkt Holdings, Inc. Amid Revenue Decline and Fraud Allegations

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

Pomerantz LLP, a well-known law firm, has initiated a class action lawsuit against Bakkt Holdings, Inc. (NYSE: BKKT). This lawsuit is significant for investors who suffered financial losses during specific time frames. Those who purchased Bakkt securities during the defined class period are being urged to reach out to the firm for more information and potential representation as lead plaintiff.

Background of the Lawsuit

The legal action centers on the allegations that Bakkt and certain members of its executive team engaged in securities fraud and other unlawful business practices. Key developments leading to the lawsuit arose on March 17, 2025, when Bakkt revealed that Webull Pay LLC would end its commercial agreement with the company effective June 14, 2025. This agreement termination was striking, especially considering Webull represented a staggering 74% of Bakkt's crypto services revenue in the preceding nine-month period up until September 30, 2024.

Moreover, for the full year concluded December 31, 2023, Webull accounted for 98% of Bakkt's total revenue derived from crypto services. In tandem with this revelation, it was also disclosed that Bank of America would terminate its loyalty services contract with Bakkt, effective April 22, 2025. Bank of America contributed approximately 17% of Bakkt's loyalty services revenue in the same earlier timeframe. The cumulative effect of these cancellations is projected to impact Bakkt significantly, leading to an estimated loss of 73% of the company's top-line revenue moving forward.

Immediate Aftermath of the Disclosure

Following these announcements, Bakkt's stock price dropped considerably, witnessing a fall of $3.50 per share—equivalent to a 27.28% decrease—culminating in a closing price of $9.33 per share on March 18, 2025. This sharp decline distressed many investors, prompting the Pomerantz Law Firm to act swiftly to protect the rights of shareholders.

How Investors Can Participate

Investors who believe they qualify as part of this class action lawsuit have until June 2, 2025, to make formal requests for their inclusion and to seek appointment as lead plaintiff in the litigation. Interested investors are encouraged to contact Danielle Peyton at Pomerantz LLP through email at [email protected] or via phone at 646-581-9980 (toll-free number: 888.4-POMLAW, Ext. 7980). When reaching out, it's advised to include your contact information, mailing address, and the number of Bakkt shares owned as part of the inquiry.

About Pomerantz LLP

Pomerantz LLP has established itself as a premier law firm in corporate and securities class action litigation. Founded over 85 years ago by Abraham L. Pomerantz, the firm has a distinguished legacy of advocating for victims of securities fraud and corporate misdeeds. With offices in major cities including New York, Chicago, and Los Angeles, Pomerantz has successfully recovered many substantial settlements on behalf of its clients. The firm continues to champion the rights of those wronged in the financial markets.

For more details regarding the ongoing lawsuit or potential participation, please visit Pomerantz Law Firm's website.

Final Thoughts

This situation exemplifies the volatility and risks associated with investments in emerging financial sectors, such as cryptocurrency. Investors are urged to stay informed and act decisively to safeguard their investments. The legal landscape surrounding such matters can be complex, and professional guidance is essential for navigating class actions effectively. It is crucial for investors in Bakkt to be proactive and aware of their rights as situations unfold.