Bakkt Dey Face Class Action Lawsuit Over Webull and BoA Contract Losses
Investor dey sue Bakkt Holdings for class-action lawsuit wey dem claim say dem loss money because of lie-lie talk and dem no tell people say dem depend on important agreement with Webull and Bank of America. Dem file the case for U.S. District Court for the Southern District of New York, dem say Bakkt break security law, wey cause dem to loss money after Webull and BoA decide say dem no go renew their agreement. For March 17, Bakkt announce say dem wan stop the agreement for 2025, wey make their stock price fall by 27%. The loss of these agreement dey affect Bakkt crypto service pass, wey depend on Webull well well, wey bring many money for dem. Plenty law firm dey investigate to see if dem fit carry dem go court again. Bakkt stock don fall well well, e don drop pass 36% for the past month, and e dey sell for $8.15.
Bearish
The class-action lawsuit wey dey against Bakkt Holdings, we dey expect am to affect how market dey see dem and how investors dey trust dem for short time. This one dey mainly because of wetin dem dey accuse dem of say dem no dey show correct financial information and dem lose important contracts wey dey bring money for dem from Webull and Bank of America. The way Bakkt stock price fall gan, plus the possibility of more legal wahala dey suggest say traders fit no like Bakkt stock. For long time, unless Bakkt fit find different ways to make money and reduce how dem depend on these contracts, things fit still dey shaky. This bearish feeling show say people dey worry if Bakkt go fit continue to make money without these important partnerships.