The Joint (US:JYNT) Prnewswire·2025-01-07 22:05Core Viewpoint - A class action has been filed against Joint Stock Company Kaspi.kz (NASDAQ: KSPI) for allegedly misleading investors regarding its business dealings with Russian entities and other undisclosed risks [1][2]. Allegations - Kaspi.kz is accused of continuing business with Russian entities and providing services to Russian citizens after Russia's invasion of Ukraine, which exposed the company to undisclosed sanction risks [2]. - The company allegedly engaged in undisclosed related party transactions [2]. - Certain executives of Kaspi.kz reportedly have links to reputed criminals [2]. Market Reaction - Following a report by Culper Research on September 19, 2024, which highlighted the bank's involvement with Russia, the price of Kaspi.kz ADS fell by $19.82, or 16.1%, closing at $99.81 per ADS [3]. - The stock experienced a further decline of $2.71, or 2.7%, closing at $97.10 per ADS on September 20, 2024 [3]. Class Action Participation - Shareholders interested in serving as lead plaintiffs must submit their applications by February 18, 2025 [4]. - Participation in the case is not required to be eligible for recovery, allowing shareholders to remain absent class members if they choose [4]. Legal Representation - Robbins LLP operates on a contingency fee basis, meaning shareholders incur no fees or expenses unless the case is successful [5].