Faruqi & Faruqi, LLP Investigates Securities Claims for Bakkt Investors

Shareholder Reminder: Investigation into Bakkt Holdings

Faruqi & Faruqi, LLP, a renowned national law firm specializing in securities litigation, has announced an investigation concerning potential claims on behalf of investors who have faced losses related to Bakkt Holdings, Inc. This inquiry is specifically focusing on shares purchased between March 25, 2024, and March 17, 2025. As part of their proactive approach, the firm reminds all affected stakeholders of the imminent deadline on June 2, 2025, to apply for the role of lead plaintiff in a federal securities class action asserting claims against Bakkt.

Background and Allegations

The investigation stems from the startling news delivered on March 17, 2025, when Bakkt disclosed that Webull, a significant partner, would terminate their commercial agreement effective June 14, 2025. Prior to this revelation, Webull contributed approximately 74% of Bakkt's total revenue from crypto services over the previous nine months, significantly impacting the company's financial stability. Additionally, Bakkt also announced the termination of its loyalty services contract with Bank of America, which had accounted for 17% of their loyalty services revenue in the same period.

These abrupt cancellations are projected to result in a staggering 73% decline in Bakkt's revenue going forward, severely affecting shareholders who relied on the company’s previous positive statements regarding its business and future prospects. It is alleged that Bakkt and its executives misrepresented the stability and potential growth of their revenue streams. Claims include failure to disclose the hefty reliance on key client contracts and a lack of transparency regarding the company's ability to maintain critical partnerships.

In light of these developments, Bakkt's share price plummeted by 27.3% on March 18, leading to a closing price of $9.33 per share, amidst unusually high trading volumes. Such dramatic fluctuations have raised questions about the accuracy and reliability of the company's previous communications to investors.

Call to Action for Investors

Faruqi & Faruqi is encouraging all investors who believe they have been adversely affected by these recent events to reach out to legal advisors from their firm. Partner Josh Wilson is directly overseeing the claims and can be contacted at 877-247-4292 or 212-983-9330. Interested parties may also visit the firm's official website for further information regarding the Bakkt Holdings class action.

The designated lead plaintiff will play a crucial role in guiding the lawsuit on behalf of the entire class. This appointed individual will be responsible for directing the proceedings, ensuring that the interests of all class members are represented adequately. It is important to note that involvement in this role does not affect an individual’s potential recovery from the case.

Conclusion

This investigation is not only critical for affected investors but also serves as a reminder regarding the responsibility that public companies have towards their shareholders. Faruqi & Faruqi, with an impressive track record of recovering vast sums for investors since its establishment in 1995, emphasizes the importance of transparency and accountability in corporate communications. Investors are advised to stay vigilant and informed about their rights regarding their investments in Bakkt Holdings and possible legal recourse.

For ongoing updates, stakeholders can follow Faruqi & Faruqi on various social media platforms or directly reach out with any pertinent information regarding Bakkt's operational conduct. Remember, your insight could be valuable in holding companies accountable for their actions.