NEW YORK, Oct. 23, 2024 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP ("Wolf Haldenstein"), a preeminent national shareholder rights litigation firm, announces that it is investigating potential securities claims on behalf of purchasers of the American Depositary Shares ("ADS's") of Joint Stock Company Kaspi.kz AO (NASDAQ: KSPI) (Kaspi or the "Company").

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Kaspi operates a two-sided Super App business model: the Kaspi.kz Super App for consumers and the Kaspi Pay Super App for merchants and entrepreneurs. The Kaspi.kz Super App with 14.0 million Average MAU as of December 31, 2023, 65% of whom access services daily, has one of the highest levels of daily engagement among selected major mobile applications globally as of June 30, 2023, according to ADL Report. The Company's offerings include payments, marketplace and fintech solutions for both consumers and merchants.

On September 19, 2024, Culper Research published a report entitled "Kaspi.kz (KSPI): The NASDAQ-Listed Fintech Moving Money for Criminals and Kleptocrats[,]" which alleged that "Kaspi has systematically misled U.S. investors and regulators in its repeated claims ... that the Company has zero exposure to Russia." Culper alleges that its research "exposes this grave deception: we believe not only do Kaspi's relationships with Russian partners permeate every segment of the business, but in the wake of Russia's February 2022 invasion of Ukraine and into 2024, Russia has contributed materially to Kaspi's reported growth."

Further, Culper alleged that "Kaspi's history of shadowy dealmaking, which raises not only related party and self-dealing concerns, but also exposes the Company's vast, longstanding ties to bad actors including sanctioned oligarchs and Russian mobsters."

On this news, Kaspi's ADS price declined from $119.01 per ADS on September 18, 2024, down to $99.81 per ADS on September 19, 2024.

Wolf Haldenstein has experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas, and offices in New York, Chicago, Nashville and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly lauded by the courts, which have appointed it to major positions in complex securities, multi-district and consolidated litigation.

If you wish to discuss this investigation or have any questions regarding your rights and interests, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at [email protected].

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774

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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP