Investors have filed a class-action lawsuit against Bakkt, claiming that the company misrepresented its reliance on Webull for revenue, which is alleged to constitute a significant portion of its earnings.
The lawsuit involves Bakkt executives including Gavin Michael and Andrew Main and cites violations of US securities laws, alleging a lack of transparency regarding contract terms with Webull and Bank of America.
The investor group claims that the termination of contracts with Webull and Bank of America will lead to a projected 73% decline in Bakkt’s revenue, as these companies accounted for 74% and 17% of its revenues, respectively.
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