Deadline Soon: Joint Stock Company Kaspi.kz (KSPI) Investors Who Lost Money Urged to Contact The Law Offices of Frank R. Cruz About Securities Fraud Lawsuit

By: The Law Offices of Frank R. Cruz via Business Wire

February 14, 2025 at 12:00 PM EST

The Law Offices of Frank R. Cruz reminds investors of the upcoming February 18, 2025 deadline to participate as a lead plaintiff in the securities fraud class action lawsuit filed on behalf of investors who acquired Joint Stock Company Kaspi.kz (“Kaspi” or the “Company”) (NASDAQ: KSPI) securities between January 19, 2024 and September 19, 2024, inclusive (the “Class Period”).

IF YOU ARE AN INVESTOR WHO LOST MONEY ON JOINT STOCK COMPANY KASPI.KZ (KSPI), CLICK HERE TO PARTICIPATE IN THE SECURITIES FRAUD LAWSUIT.

What Happened?

On September 19, 2024, Culper Research published a report alleging, among other things, that Kaspi "systematically misled U.S. investors and regulators in its repeated claims – especially ahead of the Company’s January 2024 NASDAQ listing – that the Company has zero exposure to Russia." The Culper Research report alleges that, in fact "Russia has contributed materially to Kaspi's reported growth."

On this news, Kaspi’s stock price fell $19.20, or 16.1%, to close at $99.81 per share on September 19, 2024, thereby injuring investors.

What Is The Lawsuit About?

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Kaspi 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; (3) certain of the Company’s executives have links to reputed criminals; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

If you purchased or otherwise acquired Kaspi securities between January 19, 2024 and September 19, 2024, the deadline to seek appointment as the lead plaintiff in the securities fraud class action is February 18, 2025.

Contact Us To Participate or Learn More:

If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact us:

Frank R. Cruz

The Law Offices of Frank R. Cruz,

2121 Avenue of the Stars, Suite 800,

Century City, California 90067

Email us at: info@frankcruzlaw.com

Call us at: 310-914-5007

Visit our website at www.frankcruzlaw.com

Follow us for updates on Twitter: twitter.com/FRC_LAW

If you inquire by email, please include your mailing address, telephone number, and number of shares purchased.

To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.