If you suffered losses exceeding $50,000 investing in Qiwi stock or options between March 28, 2019 and December 9, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/QIWI or call Faruqi & Faruqi partner James Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
There is no cost or obligation to you.
FARUQI & FARUQI, LLP
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NEW YORK, Jan. 23, 2021 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading minority and certified woman-owned national securities law firm, is investigating potential claims against Qiwi plc (“Qiwi” or the “Company”) (NASDAQ:QIWI) and reminds investors of the February 9, 2021 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Qiwi’s internal controls related to reporting and record-keeping were ineffective; (2) consequently, the Central Bank of Russia would impose a monetary fine upon the Company and impose restrictions upon the Company’s ability to make payments to foreign merchants and transfer money to pre-paid cards; and (3) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.
Specifically, 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 suspended the Company’s conduct most types of payments to foreign merchants and money transfers to pre-paid cards from corporate accounts.
On this news, Qiwi’s ADS price fell $2.80 per share, or 20.6%, to close at $10.79 per share on December 10, 2020, damaging investors.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Qiwi’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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