SAN DIEGO--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP is investigating Bakkt Holdings, Inc. (NYSE: BKKT, BKKTWS) f/k/a VPC Impact Acquisition Holdings (NASDAQ: VIHAU, VIH, VIHAW) and its officers and directors to determine whether they breached their fiduciary duties and violated securities laws in connection with the Offering Documents in support of the Company's initial public offering ("IPO").
If you would like more information about our investigation into Bakkt Holdings, Inc.'s misconduct, click here.
What is this Case About: According to the complaint filed against Bakkt, Bakkt was formerly known as VPC Impact Acquisition Holdings and operated as a special purpose acquisition company. On October 15, 2021, Bakkt and Legacy Bakkt completed a business combination. Bakkt changed its name to Bakkt Holdings Inc. and began operating a digital asset platform that enables consumers to buy, sell, convert, and spend digital assets. However, the Offering Documents were negligently prepared. Specifically, the Offering Documents and defendants failed to disclose that the Company had defective financial controls and as such, there were errors in its financial statements related to the miscalculation of certain shares issued prior to the business combination. The Company downplayed the scope and severity of these issues and overstated its remediation of its defective financial controls.
On November 22, 2021, just a month after assuring investors it had remediated its defective financial controls, Bakkt disclosed it would have to restate certain of its previously-issued financial statements because of errors related to the misclassification of certain shares issued prior to the business combination. On this news, shares of Bakkt fell $2.70 per share, or 13.69%, to close at $17.02 per share on November 22, 2021. At the time the complaint was filed, Bakkt's Class A common stock was trading between $4.00 to $5.00 per share, trading below its initial value from the business combination.
Next Steps: If you acquired shares of Bakkt Holdings, Inc. (BKKT) between March 31, 2021 and November 19, 2021, you have options. Contact us for more information about your legal rights.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
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About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Bakkt Holdings, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
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