Source: Cointelegraph Original: "{title}"
A group of investors in the cryptocurrency custody and trading company Bakkt Holdings has filed a class-action lawsuit against the company, accusing it of making false or misleading statements and failing to disclose certain important information.
According to documents submitted on April 2 to the U.S. District Court for the Southern District of New York, lead plaintiff Guy Serge A. Franklin is requesting a jury trial. Defendants include Bakkt itself, senior advisor and former CEO Gavin Michael, current CEO and President Andrew Main, and interim Chief Financial Officer Karen Alexander.
Investors claim that they suffered losses due to Bakkt's violation of U.S. securities laws and its lack of transparency regarding its agreements with clients, including Webull and Bank of America (BoA).
Complaint against Bakkt and its executives filed on April 2 Source: PACER
The lawsuit states that the non-renewal of contracts by Webull and Bank of America would result in Bakkt experiencing "revenue losses of up to 73%" because these two companies account for a significant portion of its service revenue.
Documents show that for most of 2023 and 2024, Webull accounted for 74% of Bakkt's cryptocurrency service revenue, while Bank of America accounted for 17% of its loyalty service revenue from January to September 2024.
Bakkt disclosed on March 17 that both Bank of America and Webull do not intend to renew their partnership agreements, which are set to expire in 2025. Following this announcement, the company's stock price fell by more than 27% within 24 hours.
Investors allege that Bakkt "misrepresented the stability and/or diversity of its cryptocurrency service revenue" and failed to disclose that this revenue "largely depended on its contract with Webull."
The lawsuit states: "As a result of the defendants' misconduct and omissions, as well as the sharp decline in the company's market value, the plaintiffs and other class members suffered significant losses."
Several law firms have also indicated they are investigating whether Bakkt violated securities laws, which could mean more class-action lawsuits will be filed. Cointelegraph reached out to Bakkt for comment but had not received a response by the time of publication.
Trump Media Rumors Boosted Stock Price In November 2024, reports emerged that the media company of then-elect President Donald Trump was considering acquiring Bakkt, which led to a surge in Bakkt's stock price by approximately 162%. As of April 2025, the two companies have not officially announced any deal.
As of the time of publication, Bakkt (stock code: BKKT) shares are priced at $8.15, having fallen more than 36% in the past 30 days.
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