A securities class action has been filed in the USDC — C.D.CA. against Joint Stock Company Kaspi.kz (KSPI) (“Kaspi.kz”, “Kaspi”, or the “Company”), on behalf of all those that purchased or otherwise acquired Kaspi securities between January 19, 2024, and September 19, 2024, both dates inclusive (the “Class Period”).
Defendant Kaspi.kz has a subsidiary called Kaspi Bank, which it has described as “one of the largest and systematically important financial institutions in Kazakhstan[.]” Further, Kaspi.kz works in financial services by providing digital applications to users which can be used for purposes such as making purchases and transferring money. Further, the Company runs a marketplace where customers can purchase products from various merchants. The Company has stated that “[w]e have launched, and continue to develop, mobile, online and Kaspi QR technology to enable a seamless online and in-store shopping experience for our customers.” Further, “[w]e believe that our Marketplace Platform appeals to buyers who value ease of use, a large selection of the most popular products and price competitiveness.”
The Complaint alleges that the Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:
(1) Joint Stock Company Kaspi.kz 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’ statements about Joint Stock Company Kaspi.kz’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you purchased Kaspi securities during the class period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information.”
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