#USA #New York #Class Action #Faruqi & Faruqi #Bakkt Holdings

Class Action Reminder for Bakkt Holdings Investors

Faruqi & Faruqi, LLP, a prominent national securities law firm, is currently investigating claims related to Bakkt Holdings, Inc. (NYSE: BKKT) and has issued a reminder for investors regarding an important upcoming deadline for a class action lawsuit. Investors who have incurred losses exceeding $50,000 while investing in Bakkt between March 25, 2024, and March 17, 2025, are encouraged to reach out to the firm for assistance with their legal rights.

Details of the Investigation

The investigation roots from allegations that Bakkt and its executives violated federal securities laws through misleading statements and a failure to disclose the true dependency of its revenue on a single contract with Webull. On March 17, 2025, Bakkt announced the termination of its commercial agreement with Webull, revealing that this contract had constituted a staggering 74% of its crypto services revenue in the previous nine-month period. The revelation came as a shock to investors, as it was previously implied that Bakkt's revenue streams were more diversified than they actually were.

Notably, this contract with Webull was critical, providing nearly all of Bakkt's revenue from its crypto services, which accounted for 98% of the company's total revenue during that time. Furthermore, Bakkt disclosed the termination of another significant contract with Bank of America, which historically contributed 17% of its loyalty services revenue. The dual loss of these contracts is poised to inflict a severe revenue impact, projecting a staggering 73% loss in Bakkt's top-line revenue moving forward.

Impact on Shareholders

Following the announcement of these losses, Bakkt's stock price plummeted by $3.50, equivalent to a 27.3% decline, settling at $9.33 per share on March 18, 2025. This catastrophic drop in share price illustrates the intense repercussions faced by investors, driven primarily by the non-disclosure of significant risks associated with Bakkt's reliance on its agreements with Webull and Bank of America. The class action lawsuit now serves as a channel for investors to seek potential recovery of losses due to these alleged violations of securities laws.

Next Steps for Investors

Faruqi & Faruqi is calling on any investors affected by this situation to register their interest in participating in the class action. The lead plaintiff is the investor who has the most to gain from the case's outcome and can adequately represent the wider group of affected shareholders. Any shareholder of Bakkt has the option to either serve as a lead plaintiff or remain an absent class member, which will not affect their ability to recover damages.

For further information regarding the class action lawsuit or to share any relevant information on Bakkt’s practices, those interested can visit the firm’s dedicated page at Faruqi & Faruqi or reach out directly to Josh Wilson, a partner at the firm. He can be contacted via phone at 877-247-4292 or 212-983-9330 (Ext. 1310). All communications will be treated with full confidentiality.

This ongoing situation highlights the critical importance for investors to remain informed and proactive regarding their investments, especially in volatile sectors such as cryptocurrency and blockchain technologies. Keep an eye out for further updates from Faruqi & Faruqi as developments occur in this case.