ChainCatcher news, according to Cointelegraph, investors in Bakkt Holdings have filed a class action lawsuit against the company and its executives, accusing them of making false or misleading statements and failing to adequately disclose important information related to major clients Webull and Bank of America (BoA), in violation of U.S. securities law.
The investor group claims in the lawsuit that losing Bank of America and Webull will result in a "73% loss in revenue." The documents state that for most of 2023 and 2024, Webull accounted for 74% of Bakkt's crypto services revenue, while Bank of America accounted for 17% of its loyalty services revenue from January to September 2024.
On March 17, 2025, Bakkt disclosed that U.S. Bank and Webull had no intention of renewing the agreement set to expire in 2025, leading to a decline in the company's stock price of over 27% within the following 24 hours. Investors accused Bakkt of "misrepresenting the stability and/or diversity of its cryptocurrency service revenue," and failing to disclose that this revenue "largely depended on" contracts with Webull. The lawsuit states: "As a result of the defendants' misconduct and inaction, along with the sharp decline in the company's securities market value, the plaintiffs and other members of the class suffered significant losses and damages."
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The encryption accomplice company Bakkt is facing a class-action lawsuit for alleged "false statements and failure to disclose key information."
ChainCatcher news, according to Cointelegraph, investors in Bakkt Holdings have filed a class action lawsuit against the company and its executives, accusing them of making false or misleading statements and failing to adequately disclose important information related to major clients Webull and Bank of America (BoA), in violation of U.S. securities law. The investor group claims in the lawsuit that losing Bank of America and Webull will result in a "73% loss in revenue." The documents state that for most of 2023 and 2024, Webull accounted for 74% of Bakkt's crypto services revenue, while Bank of America accounted for 17% of its loyalty services revenue from January to September 2024. On March 17, 2025, Bakkt disclosed that U.S. Bank and Webull had no intention of renewing the agreement set to expire in 2025, leading to a decline in the company's stock price of over 27% within the following 24 hours. Investors accused Bakkt of "misrepresenting the stability and/or diversity of its cryptocurrency service revenue," and failing to disclose that this revenue "largely depended on" contracts with Webull. The lawsuit states: "As a result of the defendants' misconduct and inaction, along with the sharp decline in the company's securities market value, the plaintiffs and other members of the class suffered significant losses and damages."