Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of Bakkt Holdings, Inc. f/k/a VPC Impact Acquisition Holdings (BKKT) on Behalf of Investors

Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Bakkt Holdings, Inc. f/k/a VPC Impact Acquisition Holdings (“Bakkt” or the “Company”) (NYSE: BKKT) investors concerning the Company’s possible violations of the federal securities laws.

If you suffered a loss on your Bakkt investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/bakkt-holdings-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

On or about October 15, 2021, VPC Impact Acquisition Holdings (“VIH”), a special purpose acquisition company, completed a business combination with Bakkt Holdings, LLC (“Legacy Bakkt”), and the combined entity was renamed Bakkt Holdings, Inc. (the “Business Combination”).

On May 17, 2021, Bakkt – then operating as VIH – notified the SEC of its inability to timely file its quarterly report because “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[.]”

On this news, the Company’s stock fell $0.13, or 1.3%, to close at $10.18 per share on May 18, 2021, thereby injuring investors.

Then, on October 13, 2021, the Company revealed that it had 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.” As a result, additional paid-in capital was reduced to 0, accumulated deficit ballooned from $4.86 million to $29.25 million, and total shareholders’ equity swung to a deficit of $29.25 million.

On this news, the Company’s stock fell $0.47, or 4.7%, to close at $9.46 per share on October 14, 2021, thereby injuring investors further.

Then, on November 22, 2021, Bakkt disclosed that its management had re-evaluated the accounting classification of the Class A ordinary shares and had “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 determined that it would restate its consolidated financial statements for fiscal year 2020 and the quarterly periods in fiscal 2021.

On this news, Bakkt’s stock fell $2.70, or 13.7%, to close at $17.02 per share on November 22, 2021, thereby injuring investors further.

Follow us for updates on LinkedIn, Twitter, or Facebook.

Whistleblower Notice: Persons with non-public information regarding Bakkt should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email shareholders@glancylaw.com.

About GPM

Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220427006013/en/