NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Qiwi plc (NASDAQ: QIWI) resulting from allegations that Qiwi may have issued materially misleading business information to the investing public.
On December 10, 2020, Qiwi 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."
On this news, Qiwi’s ADR price fell $2.80 per share, or 20.6%, to close at $10.79 per share on December 10, 2020.
Rosen Law Firm is preparing a securities lawsuit on behalf of Qiwi shareholders. If you purchased securities of Qiwi please visit the firm’s website at http://www.rosenlegal.com/cases-register-2005.html to join the securities action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or cases@rosenlegal.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors.
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