The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers of: (i) Bakkt Holdings, Inc. f/k/a VPC Impact Acquisition Holdings (NYSE: BKKT; BKKT WS) securities between March 31, 2021 and November 19, 2021, both dates inclusive (the “Class Period”); and/or (ii) Bakkt Class A common stock pursuant and/or traceable to the Offering Documents issued in connection with the business combination between the Bakkt Holdings, LLC (“Legacy Bakkt”) and VPC Impact Acquisition Holdings completed on or about October 15, 2021 have until June 21, 2022 to seek appointment as lead plaintiff in Poirier v. Bakkt Holdings, Inc. f/k/a VPC Impact Acquisition Holdings, No. 22-cv-02283. Commenced in the Eastern District of New York on April 21, 2022, the Bakkt class action lawsuit charges Bakkt and certain of its top executive officers with violations of the Securities Act of 1933 and/or the Securities Exchange Act of 1934.
If you suffered significant losses and wish to serve as lead plaintiff of the Bakkt class action lawsuit, please provide your information by clicking here. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the Bakkt class action lawsuit must be filed with the court no later than June 21, 2022.
CASE ALLEGATIONS: VPC Impact Acquisition Holdings operated as a special purpose acquisition company (“SPAC”), also called a blank-check company. On January 11, 2021, VPC Impact Acquisition Holdings and Legacy Bakkt announced entry into a definitive agreement for the business combination that would result in Legacy Bakkt becoming a publicly traded company with an enterprise value of approximately $2.1 billion. On or about October 15, 2021, VPC Impact Acquisition Holdings and Legacy Bakkt completed the business combination, 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. Prior to the business combination, VPC Impact Acquisition Holdings traded under the ticker symbols VIHAU, VIH, and VIHAW.
The Bakkt class action lawsuit alleges that the Offering Documents issued in connection with the business combination made false and/or misleading statements and/or failed to disclose that: (i) Bakkt overstated its efforts to remediate its defective financial controls; (ii) Bakkt downplayed the true scope and severity of its defective financial controls; (iii) there were additional errors in Bakkt’s financial statements related to the misclassification of certain shares issued prior to the business combination; (iv) accordingly, Bakkt would need to restate certain additional financial statements; and (v) as a result, the Offering Documents were materially false and/or misleading and failed to state information required to be stated therein. The Bakkt class action lawsuit further alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Bakkt had defective financial controls; (ii) as a result, there were errors in Bakkt’s financial statements related to the misclassification of certain shares issued prior to the business combination; (iii) accordingly, Bakkt would need to restate certain of its financial statements; and (iv) as a result, Bakkt’s public statements were materially false and misleading at all relevant times.
On May 17, 2021, Bakkt filed a Form NT 10-Q with the U.S. Securities and Exchange Commission (“SEC”), providing notification of its inability to timely file its quarterly report on Form 10-Q with the SEC for the quarter ended March 31, 2021. On this news, Bakkt’s share price fell.
Then, on October 13, 2021, Bakkt disclosed that it had failed to properly account for the classification of its Class A ordinary shares and would need to revise certain of its previously issued financial statements. As a result, Bakkt revised its balance sheet as of December 31, 2020, including, among other changes, additional paid-in capital that was reduced from $9,860,338 to nil, an accumulated deficit that ballooned from $4,861,190 to $29,250,419, and total shareholders’ equity of $5,000,009 that swung to a total shareholders’ deficit of $29,249,901. On this news, Bakkt’s share price fell an additional 4.7%.
Finally, on November 22, 2021, a little over a month after Bakkt had assured investors that it had successfully remediated its defective financial controls, Bakkt disclosed that 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, Bakkt’s share price fell more than 13%, further damaging investors.
Robbins Geller has launched a dedicated SPAC Task Force to protect investors in blank check companies and seek redress for corporate malfeasance. Comprised of experienced litigators, investigators, and forensic accountants, the SPAC Task Force is dedicated to rooting out and prosecuting fraud on behalf of injured SPAC investors. The rise in blank check financing poses unique risks to investors. Robbins Geller’s SPAC Task Force represents the vanguard of ensuring integrity, honesty, and justice in this rapidly developing investment arena.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Bakkt securities during the Class Period and/or Bakkt Class A common stock pursuant and/or traceable to the Offering Documents issued in connection with the business combination to seek appointment as lead plaintiff in the Bakkt class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Bakkt class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Bakkt class action lawsuit. An investor’s ability to share in any potential future recovery of the Bakkt class action lawsuit is not dependent upon serving as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit http://www.rgrdlaw.com for more information.
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J.C. Sanchez, 800-449-4900