Bakkt (US:BKKT) Prnewswireยท2025-04-10 13:48Core 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 following the termination of key contracts that significantly impact its financial outlook [2][4]. Group 1: Legal Investigation and Class Action - Faruqi & Faruqi is encouraging investors who suffered losses in Bakkt to discuss their legal options, with a deadline of June 2, 2025, to seek the role of lead plaintiff in a federal securities class action [1][2]. - The firm has a history of recovering hundreds of millions of dollars for investors since its founding in 1995 [3]. Group 2: Allegations Against Bakkt - 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]. - Bakkt disclosed that Webull accounted for 74% of its crypto services revenue and that 98% of its total revenue was derived from crypto services during the nine months ending September 30, 2024 [5]. - Additionally, Bank of America, which contributed 17% of Bakkt's loyalty services revenue, is also terminating its contract, leading to a projected 73% loss in top-line revenue [5]. Group 3: Market Reaction - Following the announcement of the contract terminations, Bakkt's share price fell by $3.50, or 27.3%, closing at $9.33 per share on March 18, 2025, with unusually high trading volume [6].