Important Update: Kaspi.kz Investors to Participate in Class Action Suit

Investor Alert: Class Action Lawsuit Against Kaspi.kz

Pomerantz LLP has announced a crucial class action lawsuit filed against Joint Stock Company Kaspi.kz, which is listed on NASDAQ under the ticker symbol KSPI. The firm is inviting investors who have sustained losses on their investments in Kaspi.kz to participate in this litigation.

The need for this lawsuit arose from serious allegations regarding Kaspi.kz's alleged practices in relation to securities fraud and other unlawful business conduct. If you are an investor who acquired Kaspi.kz securities during the class period, this is an important opportunity to hold the company accountable for its actions.

Important Information for Investors

All interested investors should contact Danielle Peyton at Pomerantz LLP through her email at [email protected] or by phone at 646-581-9980. It is advisable for individuals to provide their contact details and the amount of shares they purchased to facilitate a smooth process. Investors have a crucial deadline to remember: they must apply to the Court to be appointed as Lead Plaintiff by February 18, 2025.

A detailed copy of the initial complaint can be found at www.pomerantzlaw.com, ensuring that all investors can understand the basis of this lawsuit and their potential role within it.

The Allegations Against Kaspi.kz

The catalyst for this class action was a report released on September 19, 2024, by Culper Research, which raised severe concerns about the company. The report claimed that Kaspi.kz has allegedly misled U.S. investors and regulatory bodies regarding its business ties to Russia, particularly in light of Russia’s actions following the invasion of Ukraine.

Culper's report stated, "We are short Kaspi, the operator of the largest payment network and second largest bank in Kazakhstan. We believe Kaspi has systematically misled U.S. investors and regulators in its claims that the Company has zero exposure to Russia."

They further detailed the problematic relationships Kaspi.kz has with Russian partners, suggesting that these ties significantly contribute to the company’s reported growth. This revelation has raised critical concerns about Kaspi's corporate governance practices, particularly regarding potential conflicts of interest and associations with questionable entities.

As a direct consequence of the report's release, the stock price of Kaspi.kz experienced a significant drop. Over the following two trading days, the stock price fell by $22.53 per American Depositary Share (ADS), reflecting an 18.83% decline and closing at $97.10 per ADS.

About Pomerantz LLP

Pomerantz LLP is recognized as one of the leading firms in corporate and securities litigation. With more than 85 years of experience, the firm continues to zealously advocate for the rights of investors affected by securities fraud and corporate misconduct. They have achieved numerous multimillion-dollar recoveries for class members in various cases under their stewardship.

For those impacted by their investment in Kaspi.kz, this class action presents a significant opportunity to seek remediation through legal channels. Interested parties should act promptly, as the deadline for involvement is fast approaching.

For more news and updates, please visit Pomerantz Law Firm's website.

Conclusion

For investors of Kaspi.kz, being part of the class action lawsuit could potentially safeguard their interests against the alleged manipulations of the company. Understanding these developments and taking action could be pivotal for those looking to recover losses sustained during this tumultuous time. Don't miss the chance to make your voice heard and hold the company accountable.