Press release
Lawsuit filed in effort to recover losses for Investors in Joint Stock Company Kaspi.kz (NASDAQ: KSPI)
A lawsuit was filed on behalf of investors in Joint Stock Company Kaspi.kz (NASDAQ: KSPI) shares over alleged securities laws viol
Investors who purchased a significant amount of shares of Joint Stock Company Kaspi.kz (NASDAQ: KSPI) between January 19, 2024 and September 19, 2024, have certain options and for certain investors are short and strict deadlines running. Deadline: February 18, 2025. NASDAQ: KSPI investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Kazakhstan based Joint Stock Company Kaspi.kz, together with its subsidiaries, provides payments, marketplace, and fintech solutions for consumers and merchants in the Republic of Kazakhstan.
On September 19, 2024, Culper Research issued a report entitled "Kaspi.kz (KSPI): The NASDAQ-Listed Fintech Moving Money for Criminals and Kleptocrats." In this report, Culper announced it was "short Kaspi, the operator of the largest payment network and second largest bank in Kazakhstan. We believe Kaspi has systematically misled U.S. investors and regulators in its repeated claims - especially ahead of the Company's January 2024 [NASDAQ] listing - that the Company has zero exposure to Russia." Further, Culper announced its "research exposes this grave deception: we believe that not only do Kaspi's relationships with Russian partners permeate every segment of its business, but that in the wake of Russia's February 2022 invasion of Ukraine and into 2024, Russia has contributed materially to Kaspi's reported growth. Our research further unmasks Kaspi's history of shadowy dealmaking, which raises not only related party and self-dealing concerns, but also exposes the Company's vast, longstanding ties to bad actors including sanctioned oligarchs and Russian mobsters. We believe that Kaspi's premium valuation and US listing are at risk, and shares are headed lower."
Shares of Joint Stock Company Kaspi.kz (NASDAQ: KSPI) declined from $141.36 per share on July 17, 2024, to as low as $94.36 per share on January 07, 2025.
The plaintiff claims that between January 19, 2024 and September 19, 2024, the defendants made false and/or misleading statements and/or failed to disclose that Joint Stock Company Kaspi.kz continued doing business with Russian entities, and also providing services to Russian citizens, after Russia's 2022 invasion of Ukraine, thereby exposing the Company to the undisclosed risk of sanctions, that the Company engaged in undisclosed related party transactions, that certain of the Company's executives have links to reputed criminals, and that as a result, defendants' statements about Joint Stock Company Kaspi.kz's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Those who purchased shares of Joint Stock Company Kaspi.kz (NASDAQ: KSPI) have certain options and should contact the Shareholders Foundation.
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 lawsuits, 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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