SAN DIEGO, Nov. 22, 2021 (GLOBE NEWSWIRE) — Shareholder Rights Law Firm Johnson Fistel, LLP, is investigating potential claims against Bakkt Holdings, Inc. (“Bakkt” or the “Company”) (NYSE:BKKT) for violations of federal securities laws.
VPC Impact Acquisition Holdings, a publicly traded special purpose acquisition company, announced on October 14, 2021, the shareholders voted to approve its previously announced business combination (the “Business Combination”) with Bakkt Holdings, LLC (“Bakkt”), the digital asset marketplace founded in 2018.
On November 22, 2021, the Bakkt issued an 8-K form which disclosed that “Management of Bakkt Holdings, Inc. (the “Company”) 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”) prior to the completion of the Merger, which were issued in connection with VIH’s initial public offering (the “IPO”), and has identified errors in the historical financial statements of VIH for the Affected Period related to the Misclassification (the “Misclassification”) of the Class A Ordinary Shares prior to the Merger. Accordingly, the Company has determined that it is appropriate to restate certain of VIH’s condensed consolidated financial statements from the Affected Period. Legacy Bakkt’s historical consolidated financial statements are not affected by the Misclassification, and none of the current management of the Company or its Audit Committee had any role in any of the prior accounting and financial reporting determinations of VIH.”
Following this news, Bakkt’s stock price fell 13.69% on November 22, 2021.
If you have information that could assist in this investigation, or if you are a Bakkt shareholder and are interested in learning more about the investigation, please contact Jim Baker (email@example.com) at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson Fistel, LLP
Jim Baker, 619-814-4471