| COMPANY |
Joint Stock Company Kaspi.kz |
| COURT |
United States District Court for the Central District of California |
| CASE NUMBER |
24-cv-10926 |
| JUDGE |
The Hon. Robert Gary Klausner |
| CLASS PERIOD |
January 19, 2024, through September 19, 2024 |
| SECURITY TYPE |
Securities |
LEAD PLAINTIFF DEADLINE IS FEBRUARY 18, 2025.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.
Case Background:
Kaspi.kz, a Kazakhstan-based corporation with its principal executive offices in Almaty, Kazakhstan, is a fintech company offering digital payment services and an e-commerce marketplace platform.
On September 19, 2024, a report by Culper Research titled “Kaspi.kz (KSPI): The NASDAQ-Listed Fintech Moving Money for Criminals and Kleptocrats” exposed the company’s alleged ties to sanctioned Russian entities and organized crime. Specifically, the report highlighted that Kaspi.kz’s marketplace and financial services had materially contributed to sanctions evasion since Russia’s 2022 invasion of Ukraine. On this news, the price of Kaspi.kz American Depositary Shares (“ADS”) declined $21.91 per ADS over multiple trading sessions, or approximately 18.4%, from a close of $119.01 per ADS on September 18, 2024, to close at $97.10 per ADS on September 20, 2024.
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, Defendants misrepresented and/or failed to disclose that: (1) Kaspi.kz continued doing business with Russian entities, and also provided services to Russian citizens, after Russia’s 2022 invasion of Ukraine, thereby exposing the company to the undisclosed risk of sanctions; (2) Kaspi.kz engaged in undisclosed related party transactions; (3) certain of Kaspi.kz’s executives have links to reputed criminals; and (4) as a result, Defendants’ statements about the company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times
What is a Lead Plaintiff?
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.