Robbins LLP is Investigating Allegations that Joint Stock Company Kaspi.kz (KSPT) Misled Investors Regarding its Dealings with Russia

Robbins LLP informs investors that a class action was filed on behalf of all persons and entities that purchased or otherwise acquired Joint Stock Company Kaspi.kz (NASDAQ: KSPT) securities between January 19, 2024 and September 19, 2024. Kaspi.kz has a subsidiary called Kaspi Bank, which it has described as “one of the largest and systematically important financial institutions in Kazakhstan[.]”

The Allegations

According to the complaint, during the class period, defendants 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; and (3) certain of the Company’s executives have links to reputed criminals.

Plaintiff alleges that on September 19, 2024, Culper Research issued a report entitled “Kaspi.kz (KSPI): The NASDAQ-Listed Fintech Moving Money for Criminals and Kleptocrats," which highlighted the bank's involvement with and support of Russia and its citizens. On this news, the price of Kaspi.kz ADS’ fell by $19.82 per ADS, or 16.1%, to close at $99.81 per ADS on September 19, 2024, and a further $2.71 per ADS, or 2.7%, to close at $97.10 per ADS on September 20, 2024.

What Now: You may be eligible to participate in the class action against Joint Stock Company Kaspi.kz. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by February 18, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation.  You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.