BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Joint Stock Company Kaspi.kz (“Kaspi” or the “Company”) (NASDAQ: KSPI) securities between January 19, 2024 and September 19, 2024, inclusive (the “Class Period”). Kaspi investors have until February 18, 2025 to file a lead plaintiff motion.
Investors suffering losses on their Kaspi investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On September 19, 2024, Culper Research published a report alleging, among other things, that Kaspi "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." The Culper Research report alleges that, in fact "Russia has contributed materially to Kaspi's reported growth."
On this news, Kaspi’s stock price fell $19.20, or 16.1%, to close at $99.81 per share on September 19, 2024, thereby injuring investors.
The complaint filed in this class action 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 failed to disclose to investors that: (1) Kaspi 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; (2) the Company engaged in undisclosed related party transactions; (3) certain of the Company’s executives have links to reputed criminals; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Kaspi securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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