Bakkt is subject to a class action lawsuit by investors
2025-04-04 18:43:26
Bakkt, a US crypto custody and trading platform, is being sued by investors for making false or misleading statements without fully disclosing that it relied heavily on key customers such as Webull for revenue. The lawsuit, led by investor Guy Serge A. Franklin, was filed in the Federal Court for the Southern District of New York on April 2 and asks for a jury trial. The plaintiffs allege that Webull contributed 74% of Bakkt's crypto services revenue between 2023 and 2024, while Bank of America accounted for 17% of its loyalty services revenue in the first three quarters of 2024. The termination of the partnership between the two companies will cause the company's overall revenue to plummet by 73%. The defendants, who also include former CEO Gavin Michael, current CEO Andrew Main and interim CFO Karen Alexander, argued that Bakkt's failure to disclose the risk of contract termination with key customers in a timely manner violated US securities laws and resulted in significant losses.
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