Bakkt (BKKT) GlobeNewswire News Room·2025-04-26 14:36Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Bakkt Holdings, Inc. due to allegations of misleading statements regarding its revenue sources and client relationships, particularly concerning its dependence on Webull and Bank of America [3][5]. Group 1: Legal Investigation and Claims - The law firm is encouraging investors who suffered losses in Bakkt to contact them to discuss their legal options [1]. - A federal securities class action has been filed against Bakkt, with a deadline of June 2, 2025, for investors to seek the role of lead plaintiff [3][8]. - The firm has a history of recovering hundreds of millions of dollars for investors since its founding in 1995 [4]. Group 2: Allegations Against Bakkt - The complaint alleges that Bakkt and its executives violated federal securities laws by making false or misleading statements about the stability and diversity of its crypto services revenue [5]. - It is claimed that Bakkt's crypto services revenue was heavily reliant on a single contract with Webull, which accounted for 74% of its crypto services revenue in the nine months ending September 30, 2024 [6]. - Additionally, Bank of America was responsible for 17% of Bakkt's loyalty services revenue, and both companies are terminating their contracts, leading to a projected 73% loss in top-line revenue [6]. Group 3: Market Reaction - Following the announcement of the contract terminations, Bakkt's share price dropped by 9.33 per share on March 18, 2025, with unusually high trading volume [7].