Kaspi.kz
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
If you choose to take no action, you can remain an absent class member.
Joining the case through the Portnoy Law website enables investors to learn about their legal claims and take an active role in recovering their losses.
The Portnoy Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
On September 19, 2024, Culper Research released a report titled “Kaspi.kz (KSPI): The NASDAQ-Listed Fintech Facilitating Criminal Activity and Kleptocracy.” In this report, Culper declared a short position on Kaspi, which operates the largest payment network and the second largest bank in Kazakhstan. The firm alleges that Kaspi has consistently misled U.S. investors and regulators, particularly ahead of its January 2024 NASDAQ listing, by claiming it has no exposure to Russia.
Culper further asserted that its research reveals a serious deception, indicating that Kaspi’s connections with Russian partners are deeply embedded in all aspects of its operations. Following Russia’s invasion of Ukraine in February 2022 and into 2024, the firm claims that Russia has significantly contributed to Kaspi’s reported growth. The research also highlights Kaspi’s history of questionable dealings, raising concerns about related-party transactions and self-dealing, as well as the company’s extensive ties to individuals involved in illicit activities, including sanctioned oligarchs and Russian mobsters. The report suggests that Kaspi’s high valuation and U.S. listing are jeopardized, forecasting a decline in share prices.
In response to this news, the American Depositary Shares (ADS) of Kaspi.kz dropped by 16.1% on September 19, 2024, and fell an additional 2.7% on September 20, 2024.
