Faruqi & Faruqi Reminds Bakkt Holdings Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of June 2, 2025 - BKKT

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Bakkt Holdings, Inc. due to significant losses suffered by investors following the termination of key contracts, which has led to a substantial decline in revenue and stock price [2][4][5]. Group 1: Legal Investigation and Claims - The law firm is encouraging investors who experienced losses exceeding $50,000 in Bakkt between March 25, 2024, and March 17, 2025, to discuss their legal options [1]. - A federal securities class action has been filed against Bakkt, with a deadline of June 2, 2025, for investors to seek the role of lead plaintiff [2][7]. Group 2: Company Financials and Revenue Impact - The complaint alleges that Bakkt misrepresented the stability and diversity of its crypto services revenue, which was heavily reliant on a single contract with Webull [4]. - Following the announcement of Webull's termination of its commercial agreement, Bakkt revealed that Webull accounted for 74% of its crypto services revenue, and 98% of its total revenue was derived from crypto services [5]. - The termination of contracts with Webull and Bank of America is expected to result in a 73% loss in top-line revenue going forward [5]. Group 3: Market Reaction - On March 18, 2025, Bakkt's share price fell by$ 3.50, or 27.3%, closing at $9.33 per share, following the news of the contract terminations [6].