Class Action Lawsuit Filed Against Bakkt Holdings, Inc.
NEW YORK, April 22, 2025 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Bakkt Holdings, Inc. ("Bakkt" or the "Company") (NYSE: BKKT). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Bakkt and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until June 2, 2025 to ask the Court to appoint you as Lead Plaintiff for the class if you purchased or otherwise acquired Bakkt securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
Click here for information about joining the class action
On March 17, 2025, after market close, Bakkt disclosed that Webull Pay LLC ("Webull") was terminating its commercial agreement with the Company, effective June 14, 2025. Bakkt revealed that in the prior nine months ended September 30, 2024 and the full year ended December 31, 2023, Webull made up 74% of Bakkt's crypto services revenue. In that same period, the Company derived 98% of its revenue from crypto services. Bakkt also disclosed that Bank of America was terminating its loyalty services contract with the Company, effective April 22, 2025. Bakkt revealed Bank of America made up 17% of Bakkt's loyalty services revenue in the prior nine months ended September 30, 2024. The customer cancellations will collectively result in a 73% loss in top line revenue going forward.
On this news, Bakkt's stock price fell $3.50 per share, or 27.28%, to close at $9.33 per share on March 18, 2025.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT: Danielle Peyton Pomerantz LLP [email protected] 646-581-9980 ext. 7980
SOURCE Pomerantz LLP
