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Lawsuit filed for Investors in shares of Qiwi plc (NASDAQ: QIWI)

12-16-2020 07:18 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Qiwi plc (NASDAQ: QIWI) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Qiwi plc (NASDAQ: QIWI) shares over alleged securities laws violations.

An investor, who purchased shares of Qiwi plc (NASDAQ: QIWI), filed a lawsuit over alleged Securities Laws violations by Qiwi plc.

Investors who purchased shares of Qiwi plc (NASDAQ: QIWI) have certain options and for certain investors are short and strict deadlines running. Deadline: February 9, 2021. NASDAQ: QIWI investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On December 10, 2020, Qiwi plc issued a press release entitled "QIWI (QIWI) Fined by Bank of Russia, Restricts Operations." The press release stated, in relevant part, that "[f]rom July to December 2020, the Central Bank of Russia (‘CBR'), acting in its supervisory capacity, performed a routine scheduled audit of Qiwi Bank JSC (‘Qiwi Bank') for the period of July 2018 to September 2020 and, in the course of this audit, has identified certain violations and deficiencies relating primarily to reporting and record-keeping requirements. . . . The monetary fine imposed on Qiwi Bank as a result of these findings was RUB 11 million, or approximately USD 150,000." Qiwi further disclosed that "as part of its instruction letter setting forth the findings of the audit, the CBR introduced certain restrictions with respect to Qiwi Bank's operations, including, effective from December 7, 2020, the suspension or limitation of most types of payments to foreign merchants and money transfers to pre-paid cards from corporate accounts."

The plaintiff claims that between March 28, 2019 and December 9, 2020, the defendants made false and/or misleading statements and/or failed to disclose that Qiwi’s internal controls related to reporting and record-keeping were ineffective, that consequently, the Central Bank of Russia would impose a monetary fine upon the Company and impose restrictions upon the Company’s ability to make payments to foreign merchants and transfer money to pre-paid cards, and that as a result, Defendants’ public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

Those who purchased shares of Qiwi plc (NASDAQ: QIWI) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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