OAKLAND, Calif.--(BUSINESS WIRE)--Qiwi PLC shares dropped 20% in intraday trading following its SEC filing announcing that during a routine scheduled audit, the Central Bank of Russia identified certain violations and deficiencies relating primarily to reporting and record-keeping requirements. Gibbs Law Group is investigating a potential Qiwi Securities Class Action Lawsuit on behalf of investors who lost money in Qiwi PLC (NASDAQ:QIWI).
To speak with an attorney regarding this class action lawsuit investigation, click here, or call (888) 410-2925.
On Wednesday, December 9, 2020, Qiwi PLC announced in an SEC filing that the Central Bank of Russia performed a routine scheduled audit of Qiwi Bank JSC ("Qiwi Bank") for the period of July 2018 to September 2020 and identified certain violations and deficiencies relating primarily to “reporting and record-keeping requirements." Upon this audit finding, the Central Bank of Russia imposed a fine of approximately $150,000 on the company and has suspended or limited most types of payments to foreign merchants and money transfers to pre-paid cards from corporate accounts, effective December 7, 2020. The next morning, J.P. Morgan downgraded Qiwi stock from neutral to underweight. On this news, Qiwi’s stocks dropped 20% in intraday trading on December 10, 2020, causing significant harm to investors.
What Should Qiwi Investors Do?
If you invested in Qiwi, visit our website or contact our securities team directly at (888) 410-2925 to discuss how you may be able to recover your losses. Our investigation concerns whether Qiwi PLC has violated federal securities laws and failed to disclose information pertinent to investors.
About Gibbs Law Group
Gibbs Law Group represents individual and institutional investors throughout the country in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and our attorneys have received numerous honors for their work, including “Best Lawyers in America,” “Top Plaintiff Lawyers in California,” “California Lawyer Attorney of the Year,” “Top Class Action Attorneys Under 40,” “Consumer Protection MVP,” and “Top Cybersecurity/ Privacy Attorneys Under 40.”
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