Pomerantz Law Firm Files Class Action Lawsuit Against Bakkt Holdings Amid Significant Revenue Losses

Investor Alert: Class Action Against Bakkt Holdings

On April 14, 2025, Pomerantz LLP announced a pressing alert for investors affected by potential misconduct at Bakkt Holdings, Inc. This renowned law firm filed a class action lawsuit against the company, citing securities fraud among other unlawful business practices. Given the serious nature of these claims, investors who incurred losses while purchasing Bakkt's stock should carefully assess their legal options.

Background of the Case

The core of the issue revolves around material disclosures that Bakkt made on March 17, 2025. Following the market’s closure, Bakkt revealed that its commercial partnership with Webull Pay LLC will terminate as of June 14, 2025. This partnership was substantial for Bakkt, as it represented a staggering 74% of the company's cryptocurrency services revenue. Not only that, but Bakkt admitted that an unsettling 98% of its revenue stemmed specifically from cryptocurrency services.

In addition to this startling news, Bakkt also announced the termination of its loyalty services contract with Bank of America, effective April 22, 2025. This contract accounted for 17% of Bakkt’s loyalty services revenue over the previous nine months, further compounding the financial implications for the company. Consequently, these cancellations signal a potential 73% decline in Bakkt’s top-line revenue moving forward.

Following these disclosures, the market reacted sharply. On March 18, 2025, Bakkt's stock plummeted by $3.50 per share, marking a 27.28% drop and ending the day at $9.33 per share. Such a substantial decline in stock price raises critical questions about Bakkt's management and its forward-looking financial health. Investors now have until June 2, 2025, to seek appointment as the Lead Plaintiff in this class action lawsuit, which could pave the way for damages to be recovered due to these devastating revelations.

The Role of Pomerantz LLP

Pomerantz LLP, with a rich legacy of over 85 years in securities class actions, is noted for fighting for the rights of investors and has implemented numerous multimillion-dollar damage awards for class members. Founded by the highly regarded Abraham L. Pomerantz, the firm is recognized for tackling critical cases involving securities fraud and corporate misconduct. Investors affected by Bakkt's situation are encouraged to reach out to Pomerantz for legal assistance, detailing their purchase history for better guidance regarding their options.

Danielle Peyton from Pomerantz LLP is the firm's point of contact for those interested in joining the class action. Interested parties can reach Danielle via phone at 646-581-9980 or via email at [email protected]. When contacting the firm, investors are advised to include their mailing address and the number of shares they acquired.

Conclusion

As Bakkt Holdings navigates through this turbulent period, investors must stay informed about their rights and potential remedies. The implications of the announced contract terminations and the subsequent financial fallout could have far-reaching effects on Bakkt's future profitability and stability. Given the precarious nature of the situation, participating in the ongoing class action may offer a viable avenue for recovery for affected shareholders. With a legal team like Pomerantz LLP advocating for investors, there remains hope for justice in the face of corporate entitlement and negligence. Investors are urged to act promptly to safeguard their interests and engage with Pomerantz LLP for further assistance in navigating this class action lawsuit.