#United States #New York #Class Action #Kaspi.kz #Pomerantz LLP

Pomerantz Law Firm Files Class Action Against Kaspi.kz

Pomerantz LLP, a renowned firm specializing in corporate and class action litigation, has formally filed a class action lawsuit against the Joint Stock Company Kaspi.kz, a major player in Kazakhstan’s financial technology sector and listed on the NASDAQ as KSPI. The firm aims to address alleged securities fraud that has adversely affected its shareholders, particularly those who suffered losses during the defined Class Period.

According to the firm, potential plaintiffs are advised to reach out to Danielle Peyton at Pomerantz LLP via email or phone. Shareholders who have invested in Kaspi.kz securities and wish to be recognized as Lead Plaintiffs must act by February 18, 2025, to be considered for this role. Interested investors should gather relevant details including their contact information and share purchase records.

The Allegations

The lawsuit stems from a report released by Culper Research on September 19, 2024, which implicated Kaspi.kz in serious allegations of misleading investors about its business practices. Specifically, the report accused the company of repeatedly stating that it had no ties to Russia, despite evidence suggesting otherwise. Culper’s findings suggested that Kaspi.kz might have benefited from its dealings with Russian entities, something that could have significant implications for its valuation on international markets.

Culper's report highlighted that Kaspi.kz operates the largest payment network in Kazakhstan, and pointed to the company’s historical patterns of misleading representations to U.S. investors, especially leading up to its NASDAQ listing in January 2024. This claim fueled concerns regarding the integrity of its business conduct.

The report goes further to expose what it describes as Kaspi's long-standing connections with individuals involved in criminal activities, including sanctioned oligarchs and figures associated with Russian organized crime. As a result, there are fears among investors about the long-term sustainability and legitimacy of the company's operational model, raising questions about its stock valuation.

Following the release of these allegations, the market reacted sharply, with Kaspi.kz’s stock price dropping significantly—by $22.53 per American Depositary Share—over the course of just two trading days, which marks a decline of over 18%. This plummet in share value reflects the skepticism surrounding the company's future and investor confidence amidst these serious claims.

About Pomerantz LLP

With a legacy stretching back over 85 years, Pomerantz LLP has established itself as a leader in the legal field of class action litigation focused on securities and corporate misconduct. The firm is recognized for its successful track record in recovering compensatory damages for class members affected by fraud and breaches of fiduciary duty. Pomerantz actively seeks justice for those affected by corporate misdeeds and is committed to holding companies accountable for their actions.

Pomerantz continues to be at the forefront of legal advocacy in corporate governance, ensuring that shareholders' rights are protected. The firm has numerous resources available for shareholders looking to understand their options and the implications of this class action against Kaspi.kz. For further details regarding the class action and how to participate, shareholders are encouraged to visit the Pomerantz website or contact the firm directly.

In conclusion, as the legal proceedings against Kaspi.kz unfold, affected shareholders are urged to stay informed and take action promptly to safeguard their interests. The outcome of this class action could not only impact the investors involved but also set precedents in corporate accountability within the financial sector.