It is alleged in this complaint that Qiwi made misleading and/or false statements and/or failed to disclose that Qiwi’s internal controls pertaining to record-keeping and reporting were ineffective, and that, consequently, a monetary fine upon the Qiwi would be imposed by the Central Bank of Russia and restrictions would be imposed upon its ability to make payments to foreign merchants and transfer money to pre-paid cards.

After the market closed on December 9, 2020, Qiwi filed a Form 6-K with the SEC, announcing that a fine of approximately $150,000 had been imposed by the Central Bank of Russia for deficient record-keeping and reporting, and Qiwi had been suspended conducting most types of payments to foreign merchants and money transfers to pre-paid cards from corporate accounts.

on December 10, 2020, the price of Qiwi ADS fell $2.80 per share on this news, or 20.6%, to close at $10.79 per share.

Qiwi PLC

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Portnoy Law Firm
Lesley F. Portnoy, Esq.,
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067