A group of investors with caution in cryptocurrency and trading firm BAKKT Holdings filed an act of action that states false or misleading statements and a failure to reveal some information.
Lead Plaintiff Guy Serge A. Franklin called for a jury jury as part of a complaint against BAKKT, senior adviser and former CEO Gavin Michael, CEO and president Andrew Main, and temporary financial official Karen Alexander, according to a filing on April 2 in the US District Court for the Southern District of New York Southern District.
The team of investors expresses injuries as a result of violations of US Securites laws and a lack of transparency surrounding its agreement with clients: Webull and Bank of America (BOA).
April 2 complaints against BAKKT and its executives. Source: Pacer
The loss of the Bank of America and Webull will result “in a 73% loss in income of the top line” Due to the two companies that make up a significant percentage of income of its services, the investor’s group announces the lawsuit. The filing stated on the Webull consists of 74% of BAKKT’s crypto services income by most 2023 and 2024, and Bank of America makes up 17% of its loyalty revenue from January to September 2024.
Related: BAKKT names are new co-COO in the middle of re-focusing on crypto offerings
BAKKT announced on March 17 that Bank of America and Webull not intention to change their agreements By the end of the firm in 2025. The announcement was likely to contribute to the company’s sharing price falling more than 27% in the following 24 hours. Investors say BAKKT has “missed stability and/or difference -Crypto services revenue” and failed to disclose that this income is “huge dependent” on the Webull contract.
“As a result of the wrong authors and deleting the defendants, and the intense decline in the company’s security market value, the plaintiff and other class members have experienced major losses and damage,” the suit said.
Other offices of law Says They are investigating the BAKKT for violations of security law, suggesting additional law action laws may be in works. Cointelegraph contacted BAKKT for a comment on the lawsuit but did not receive a response at the time of publication.
Prices affected by Trump’s media reports
BAKKT’s sharing price was approximately 162% in November 2024 after reports suggested that after-US president-elect media company by Donald Trump is considered to be hiring the firm. In April 2025, the company was not officially announced by a deal.
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Shares to BAKKT (BKKT) were $ 8.15 at the time of publication, which dropped more than 36% in the past 30 days.
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