NEW YORK–(BUSINESS WIRE)–#QIWI—Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, announces the filing of a class action lawsuit against Qiwi PLC (“Qiwi” or the “Company”) (NASDAQ: QIWI) and certain of its officers, alleging violations of federal securities laws. If you purchased Qiwi American Depository Shares (“ADS,” also referred to as “stock”) or other securities between March 28, 2019 and December 9, 2020 (the “Class Period”), and have suffered a loss, you are encouraged to contact Joe Pettigrew for additional information at (844) 818-6982 or [email protected].
Qiwi operates electronic online payment systems primarily in Russia, Kazakhstan, Moldova, Belarus, Romania, and the United Arab Emirates.
The lawsuit alleges, among other things, that the defendants made false and/or misleading statements and/or failed to disclose that Qiwi’s internal controls related to reporting and record-keeping were ineffective, and that, consequently, the Central Bank of Russia would impose a monetary fine upon the Company and impose restrictions upon its ability to make payments to foreign merchants and transfer money to pre-paid cards.
On December 9, 2020, after the market closed, Qiwi filed a Form 6-K with the SEC, announcing that the Central Bank of Russia had imposed a fine of approximately $150,000 for deficient record-keeping and reporting, and had suspended the Company from conducting most types of payments to foreign merchants and money transfers to pre-paid cards from corporate accounts.
On this news, the price of Qiwi ADS fell $2.80 per share, or 20.6%, to close at $10.79 per share on December 10, 2020.
What You Can Do
If you purchased Qiwi securities between March 28, 2019 and December 9, 2020, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Joe Pettigrew at (844) 818-6982 or [email protected]. The lead plaintiff deadline is February 9, 2021.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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