From Cointelegraph. April 4, 2025 1:55 pm:

A group of investors filed a class-action lawsuit against Bakkt Holdings, alleging false statements and lack of disclosure. Lead plaintiff Guy Serge A. Franklin demanded a jury trial against Bakkt, Gavin Michael, Andrew Main, and Karen Alexander. The investors claim a 73% revenue loss due to losing agreements with Webull and Bank of America.

Bakkt disclosed losing Bank of America and Webull agreements, causing a 27% share price drop. The investors accused Bakkt of misrepresenting revenue stability and dependence on Webull. Law offices are investigating Bakkt for securities violations, potentially leading to more class-action lawsuits. Bakkt did not respond to Cointelegraph’s request for comment.

Bakkt’s share price surged 162% in November 2024 amid reports of a potential acquisition by Donald Trump’s media company. As of April 2025, no official deal has been announced. Bakkt’s shares were $8.15 at the time of publication, down over 36% in the past month. Magazine feature: Meet lawyer Max Burwick, known as ‘The ambulance chaser of crypto.’

Read more at Coin Telegraph: Bakkt investors file class-action lawsuit after loss of Webull, BoA contracts