Lawsuit filed for Investors in shares of Bakkt Holdings, Inc. (NYSE: BKKT)

An investor, who purchased shares of Bakkt Holdings, Inc. (NYSE: BKKT), filed a lawsuit over alleged violations of Federal Securities Laws by Bakkt Holdings, Inc. f/k/a VPC Impact Acquisition Holdings ("VIH") (NYSE: BKKT; BKKT WS) (NASDAQ: VIHAU; VIH; VIHAW) in connection with certain allegedly false and misleading statements made between March 31, 2021 and November 19, 2021, and/or Bakkt Holdings, Inc. (NYSE: BKKT) A common stock pursuant and/or traceable to the Offering Documents issued in connection with the business combination between the Company and Bakkt Holdings, LLC ("Legacy Bakkt") completed on or about October 15, 2021 (the "Business Combination").

If you purchased a significant amount of shares of Bakkt Holdings, Inc. (NYSE: BKKT) between March 31, 2021 and November 19, 2021, and / or if you purchased any Bakkt Holdings, Inc. (NYSE: BKKT shares prior to March 2021 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: June 20, 2022. NYSE: BKKT investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Bakkt was formerly known as "VPC Impact Acquisition Holdings" and operated as a special purpose acquisition company (SPAC), also called a blank-check company, which is a development stage company that has no specific business plan or purpose or has indicated its business plan is to engage in a merger or acquisition with an unidentified company or companies, other entity, or person.

On January 11, 2021, the Company 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 March 31, 2021, the Company filed a registration statement on Form S-4 with the U.S Securities and Exchange Commission ("SEC") in connection with the Business Combination, which, after several amendments, was declared effective by the SEC on September 17, 2021 (the "Registration Statement"). Also on September 17, 2021, the Company filed a proxy statement and prospectus on Form 424B3 with the SEC in connection with the Business Combination, which formed part of the Registration Statement (the "Proxy" and, together with the Registration Statement, the "Offering Documents").

On or about October 15, 2021, the Company and Legacy Bakkt completed the Business Combination pursuant to the Offering Documents. Thereafter, the Company 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.

On May 17, 2021, Bakkt-then still operating as VIH-notified the SEC of its inability to timely file its quarterly report for the quarter ended March 31, 2021. Specifically, the Company advised that, as a result of a statement issued by the SEC, "the Company reevaluated the accounting treatment of its public warrants and private placement warrants" and "is currently determining the extent of the SEC Statement's impact on its financial statements[.]"

Then, on October 13, 2021, the Company disclosed in an SEC filing that it had also previously failed to properly account for the classification of its Class A ordinary shares and "adjust[ed] . . . the initial carrying value of the Class A ordinary shares subject to possible redemption with the offset recorded to additional paid-in capital (to the extent available), accumulated deficit and Class A ordinary shares." Notably, the Company 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.

Finally, on November 22, 2021, Bakkt Holdings, Inc disclosed in another SEC filing that the Company's management "has re-evaluated . . . the accounting classification of the Class A ordinary shares . . . of [VIH] . . . and has identified errors in the historical financial statements of VIH . . . related to the misclassification . . . of the Class A Ordinary Shares prior to the [Business Combination]." Specifically, the Company found that, as a result of errors in its condensed consolidated financial statements for the year ended December 31, 2020, and the quarterly periods ended March 31, 2021, June 30, 2021 and September 30, 2021, Bakkt should "restate certain of VIH's condensed consolidated financial statements from" those periods.

Shares of Bakkt Holdings, Inc. (NYSE: BKKT) declined from $22.40 per share on November 19, 2021, to $14.75 per share during November 29, 2021.

The plaintiff claims that the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that the Company had defective financial controls, that as a result, there were errors in the Company's financial statements related to the misclassification of certain shares issued prior to the Business Combination, that accordingly, the Company would need to restate certain of its financial statements, that the Company downplayed the true scope and severity of these issues, that the Company overstated its remediation of its defective financial controls, and that as a result, the Offering Documents and Defendants' public statements between March 31, 2021 and November 19, 2021Period were materially false and/or misleading and failed to state information required to be stated therein.

Those who purchased shares of Bakkt Holdings, Inc. (NYSE: BKKT) have certain options and should contact the Shareholders Foundation.

Contact:
Christopher Clausen
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.