Glancy Prongay & Murray LLP Re

LOS ANGELES, June 16, 2022 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming June 20, 2022 deadline to file a motion by lead plaintiff in the class action lawsuit filed on behalf of investors who purchased or otherwise acquired: (a) Bakkt Holdings, Inc. f/k/a VPC Impact Acquisition Holdings (“Bakkt” or the “Corporation ”) (:BKKT) titles between March 31, 2021 and November 19, 2021, inclusive (the “Class Period”); and/or (b) Class A common shares of Bakkt pursuant to and/or traceable to the offering documents issued in connection with the business combination effected on or about October 15, 2021 (the “Business Combination”) ).

If you have suffered a loss on your Bakkt investments or would like to inquire about possible claims to recover your loss under federal securities laws, you may submit your contact information at www.glancylaw.com/ cases/bakkt-holdings-inc/. You may also contact Charles H. Linehan, of GPM at 310-201-9150, toll-free at 888-773-9224, or by email at [email protected] to find out more about your rights.

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

On May 17, 2021, Bakkt – then doing business as VIH – notified the SEC of its inability to file its quarterly report on time because “the company reassessed the accounting treatment for its public warrants and warrants. Private Placements” and “currently determining the extent of the impact of the SEC statement on its financial statements[.]”

On this news, shares of the company fell $0.13, or 1.3%, to close at $10.18 per share on May 18, 2021, hurting investors.

Then, on October 13, 2021, the Company disclosed that it had previously failed to properly account for the classification of its Class A common stock and to “adjust[ed] . . . the initial book value of the Class A common shares available for repurchase, with the offset recorded in additional contributed capital (to the extent available), accumulated deficit and Class A common shares.” Accordingly, additional contributed capital was reduced to 0, accumulated deficit decreased from $4.86 million to $29.25 million, and total equity decreased to a deficit of $29.25 million dollars.

Following the news, shares of the company fell $0.47, or 4.7%, to close at $9.46 per share on Oct. 14, 2021, further hurting investors.

Then, on November 22, 2021, Bakkt disclosed that its management had reassessed the accounting classification of the Class A common stock and had “identified errors in the historical financial statements of VIH. . . related to misclassification. . . of the Class A Ordinary Shares before the [Business Combination].” Specifically, the Company has determined that it will restate its consolidated financial statements for fiscal 2020 and the quarterly periods of 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, further hurting investors.

The Complaint filed in this Class Action alleges that throughout the Class Period, the Defendants made materially false and/or misleading statements, and failed to disclose material adverse facts regarding the business, operations and societal prospects. Specifically, the Offering Documents and the Defendants made false and/or misleading statements and/or failed to disclose that: (1) the company had flawed financial controls; (2) as a result, there have been errors in the Company’s financial statements relating to the misclassification of certain shares issued prior to the Business Combination; (3) as a result, the Company should restate some of its financial statements; (4) the Company has minimized the true extent and severity of these issues; (5) the Company overstated its correction of its faulty financial controls; and (5) therefore, defendants’ positive statements about the company’s business, operations and prospects were materially misleading and/or lacked reasonable basis at all relevant times.

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If you purchased or otherwise acquired Bakkt securities during the Class Period, you may sue the Court no later than June 20, 2022 to seek appointment as lead plaintiff in this putative class action. To be a class member, you do not need to take any action at this time; you can retain the services of a lawyer of your choice or do nothing and remain an absentee member of the class action. If you would like to know more about this class action, or if you have any questions about this announcement or your rights or interests in the pending class action, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, CA 90067 at 310-201-9150, toll free at 888-773-9224, by email at [email protected], or visit our website at www.glancylaw.com. If requesting by email, please include your mailing address, phone number and number of shares purchased.

This press release may be considered attorney advertising in certain jurisdictions under applicable law and ethics rules.

contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
[email protected]
www.glancylaw.com

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