#United States #San Diego #Class Action #Kaspi.kz #Investor Lawsuit

Urgent Call for Kaspi.kz Investors to Join Class Action

As the deadline looms for investors in the publicly traded Joint Stock Company Kaspi.kz (NASDAQ: KSPI), significant news has emerged surrounding a class action lawsuit filed against the company. Robbins Geller Rudman & Dowd LLP has made it clear that those who purchased or acquired KSPI securities between January 19, 2024, and September 19, 2024, have until February 18, 2025, to become a lead plaintiff in this crucial case.

Background on the Lawsuit

The lawsuit, titled Krivenok v. Joint Stock Company Kaspi.kz (No. 24-cv-10926), claims that Kaspi.kz and several of its top executives have breached the Securities Exchange Act of 1934. Allegations suggest that throughout the specified class period, these defendants made deceptive statements and failed to disclose several critical facts. These include:
1. Continued Operations with Russian Entities: Despite the geopolitical fallout from Russia's invasion of Ukraine in 2022, Kaspi.kz allegedly continued to engage with Russian businesses, which has exposed the company to potential sanction-related risks.
2. Undisclosed Related Party Transactions: The firm is accused of not disclosing transactions that may involve conflicts of interest, raising significant concerns about the transparency of the company's business dealings.
3. Links to Criminal Activity: Additional claims state that certain executives at Kaspi.kz are connected to known criminals, further complicating the legal and ethical standing of the company.

The situation escalated when a report released by Culper Research on September 19, 2024, labeled Kaspi.kz (KSPI) The NASDAQ-Listed Fintech Moving Money for Criminals and Kleptocrats spurred a drastic drop in share prices, with losses nearing 19% across two trading sessions.

The Role of the Lead Plaintiff

Under the Private Securities Litigation Reform Act of 1995, any investor who purchased Kaspi.kz securities during the class period is eligible to apply to become the lead plaintiff in the class action. This role is often filled by the investor who has the most considerable financial stake in the lawsuit and possess characteristics typical of the wider class. The lead plaintiff directs the lawsuit and selects the legal firm to represent the collective interests of all affected investors.

However, it's noteworthy that an investor does not need to be the lead plaintiff to partake in any potential financial recovery from the lawsuit, ensuring broader participation for those impacted by the company’s alleged misconduct.

About Robbins Geller

Robbins Geller Rudman & Dowd LLP stands as a prominent name in the realm of securities litigation. The firm has a remarkable track record, having recovered over $6.6 billion for investors affected by securities fraud in class action cases. Their expertise shows, as they have earned the top ranking for investor recovery in numerous years.

If you have incurred significant losses related to your investments in Kaspi.kz, now is the time to act. Interested investors can contact attorneys J.C. Sanchez or Jennifer N. Caringal at Robbins Geller by calling 800-449-4900 or via email. You can also find more information about the case and the opportunity to join the lawsuit on their official website.

Conclusion

As the February 18 deadline approaches, affected investors must weigh their options carefully. Taking action in this pivotal class action lawsuit could not only provide them with an avenue for recovery but also hold the company accountable for its alleged misdeeds. Stay informed and take the necessary steps to protect your investments.