LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Qiwi plc (“Qiwi” or “the Company”) (NASDAQ: QIWI) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Qiwi announced on December 9, 2020, that "from 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 Company further admitted that, "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." Based on this news, shares of Qiwi dropped by more than 20% in intraday trading on December 10, 2020.
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The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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