NEW YORK, Nov. 25, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Bakkt Holdings, Inc. ("Bakkt" or the "Company") (NYSE: BKKT). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 7980.
The investigation concerns whether Bakkt and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On November 22, 2021, in a filing with the U.S. Securities and Exchange Commission, Bakkt disclosed that the Company's management "has re-evaluated the application of ASC 480-10-S99-3A to the accounting classification of the Class A ordinary shares, par value $0.0001 (the "Class A Ordinary Shares") of VPC Acquisition Impact Holdings ("VIH") . . . which were issued in connection with VIH's initial public offering (the "IPO"), and has identified errors in the historical financial statements of VIH . . . related to the misclassification (the "Misclassification") of the Class A Ordinary Share" and "has determined that it is appropriate to restate certain of VIH's condensed consolidated financial statements[.]"
On this news, Bakkt's stock price fell $2.65 per share, or 13.47%, to close at $17.02 per share on November 22, 2021.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP