Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Encourages Joint Stock Company Kaspi.kz (KSPI) Investors to Inquire About Securities Fraud Class Action

LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP, a leading national shareholder rights law firm, announces that a securities fraud class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Joint Stock Company Kaspi.kz (“Kaspi” or the “Company”) (NASDAQ: KSPI) securities between January 19, 2024 and September 19, 2024, inclusive (the “Class Period”). Kaspi investors have until February 18, 2025 to file a lead plaintiff motion.

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What Happened?

On September 19, 2024, Culper Research published a report alleging, among other things, that Kaspi "systematically misled U.S. investors and regulators in its repeated claims – especially ahead of the Company’s January 2024 NASDAQ listing – that the Company has zero exposure to Russia." The Culper Research report alleges that, in fact "Russia has contributed materially to Kaspi's reported growth."

On this news, Kaspi’s stock price fell $19.20, or 16.1%, to close at $99.81 per share on September 19, 2024, thereby injuring investors.

What Is The Lawsuit About?

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Kaspi 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’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

If you purchased or otherwise acquired Kaspi.kz securities during the Class Period, you may move the Court no later than February 18, 2025 to request appointment as lead plaintiff in this putative class action lawsuit.

Contact Us To Participate or Learn More:

If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us:

Charles Linehan, Esq.
Glancy Prongay & Murray LLP
1925 Century Park East, Suite 2100
Los Angeles, California 90067
Email: [e-mail]
Telephone: [phone]
Toll-Free: 888-773-9224
Visit our website at www.glancylaw.com.
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If you inquire by email, please include your mailing address, telephone number and number of shares purchased.

To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.