UPCOMING INVESTOR DEADLINE: Investors in Bakkt Holdings, Inc. f/k/a VPC Impact Acquisition Holdings with Substantial Losses Have Opportunity to Lead Class Action Lawsuit

SAN DIEGO, June 15, 2022 (GLOBE NEWSWIRE) — 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, inclusive (“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. 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 substantial losses and wish to serve as lead plaintiff, please provide your information here:

https://www.rgrdlaw.com/cases-bakkt-holdings-inc-f-k-a-vpc-impact-acquisition.html

You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected].

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.

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. 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.

ABOUT ROBBINS GELLER: Robbins Geller 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 is one of the largest plaintiffs’ firms in the world, and the Firm’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 the following page for more information:

https://www.rgrdlaw.com/services-litigation-securities-fraud.html

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Contact:
        Robbins Geller Rudman & Dowd LLP 
        655 W. Broadway, San Diego, CA 92101 
        J.C. Sanchez, 800-449-4900 
        [email protected] 

 

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