Moore Kuehn, PLLC Encourages Investors of Bakkt Holdings, Inc. formerly known as VPC Impact Acquisition Holdings to Contact Law Firm
NEW YORK, Feb. 22, 2022 /PRNewswire/ -- Moore Kuehn, PLLC, a securities and shareholder law firm located on Wall Street, is investigating potential claims against:
- Bakkt Holdings, Inc. (NYSE: BKKT) formerly known as VPC Impact Acquisition Holdings (Nasdaq: VIH)
On November 22, 2021, Bakkt issued an 8-K form which disclosed that Management of Bakkt Holdings, Inc. 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, 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.
Shares of Bakkt declined from $22.40 per share on November 19, 2021, to $14.75 per share during November 29, 2021.
More recently, on February 17, 2022, the Wall Street Journal reported "[s]hares of Bakkt Holdings Inc. are down 82% since October." "Bakkt has changed its business model several times since its creation in 2018 and has had four chief executive in as many years." "Skeptics question whether Bakkt has a path to profitability." "The company has said it expects to post a pretax loss of $150 million to $155 million for the fourth quarter of 2021, largely due to noncash accounting charges. That came after a 28.8 million loss in the third quarter." "Third party data show that Bakkt's smartphone app—once touted as a key part of the company's strategy—has been losing users."
Shareholders of Bakkt Holdings, Inc. (NYSE: BKKT) should contact Fletcher Moore, Esq. by email at fmoore@moorekuehn.com or telephone at (212) 709-8245.
Moore Kuehn is a New York-based law firm with attorneys representing investors, stockholders, unitholders, and consumers. Attorney advertising. Prior results do not guarantee similar outcomes.
Moore Kuehn, PLLC
Fletcher Moore, Esq.
30 Wall Street, 8th Floor
New York, New York 10005
fmoore@moorekuehn.com
(212) 709-8245
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