#USA #New York #Class Action #Securities Fraud #Kaspi.kz

Class Action Lawsuit Against Joint Stock Company Kaspi.kz

On January 24, 2025, Levi & Korsinsky, LLP announced the initiation of a class action lawsuit against the Joint Stock Company Kaspi.kz, known on NASDAQ as KSPI. This legal action aims to compensate investors who have suffered losses attributable to purported securities fraud occurring between January 19, 2024, and September 19, 2024.

Class Definition

This lawsuit serves those investors who believe they have been impacted by false statements made by the company or actions that concealed relevant risks. Key allegations include:

• - Kaspi.kz continued its business operations with Russian entities and offered services to Russian citizens despite the geopolitical stress following Russia's invasion of Ukraine in 2022. This decision purportedly put the company at risk of sanctions, which had not been disclosed to investors.
• - The revelation of undisclosed related party transactions may connect various insiders to suspicious dealings, thereby obscuring the company’s true financial health.
• - It has been suggested that certain executives within Kaspi.kz have ties to notorious criminal organizations.

The implications of these allegations raise serious concerns regarding the integrity of the company's financial disclosures and statements regarding its operations and future prospects.

What Investors Need to Know

For individuals who experienced financial losses during the specified period, the window to take action by requesting to be recognized as lead plaintiff is open until February 18, 2025. However, it is vital to note that participating in this class action does not necessitate serving as a lead plaintiff in order to share in any potential recovery.

There are no out-of-pocket costs associated with joining this action for class members. Levi & Korsinsky emphasizes their commitment to providing legal representation without requiring upfront fees or expenses, underlining their comprehensive approach to assisting investors.

The Expertise Behind the Lawsuit

Levi & Korsinsky has built a considerable reputation over the last two decades, successfully securing hundreds of millions of dollars for shareholders through numerous high-stakes cases. The firm employs a dedicated team with a wealth of experience in handling complex securities litigation. Impressively, they have consistently ranked in the ISS Securities Class Action Services' Top 50 Report for seven consecutive years, marking them as one of the leading litigation firms in the U.S.

The firm urges any impacted investors to contact them for more information about the ongoing suit and explore their options for pursuing claims against Kaspi.kz. Interested investors can reach out to Joseph E. Levi, Esq. at [email protected] or via phone at (212) 363-7500.

In conclusion, the filing of this class action lawsuit against Joint Stock Company Kaspi.kz serves as a significant foray into rectifying the potential grievances faced by investors. As the case progresses, transparency and accountability remain at the forefront of what investors can expect moving forward with this legal action.