Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Nov. 04, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Kaspi.kz (“Kaspi” or “the Company”) ( KSPI) investors that the firm has initiated an investigation into possible securities fraud and may file a class action on behalf of investors. Kaspi investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: [email protected], to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On September 19, 2024, Culper Research released a report titled “Kaspi.kz (KSPI, Financial): 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.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA, NY and TX Bars
[email protected]
310-692-8883
www.portnoylaw.com
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