The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Qiwi Plc (QIWI) Investors
LOS ANGELES, Jan. 13, 2021 /PRNewswire/ -- The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Qiwi Plc ("Qiwi" or the "Company") (NASDAQ: QIWI) securities between March 28, 2019 and December 9, 2020 inclusive (the "Class Period"). Qiwi investors have until February 9, 2021 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On December 10, 2020, the Company issued a press release entitled "QIWI (QIWI) Fined by Bank of Russia, Restricts Operations." Therein, Qiwi stated that "[f]rom July to December 2020, the Central Bank of Russia ('CBR'), acting in its supervisory capacity, performed a routine scheduled audit of Qiwi Bank JSC ('Qiwi Bank') for the period of July 2018 to September 2020 and, in the course of this audit, has identified certain violations and deficiencies relating primarily to reporting and record-keeping requirements." The Company was fined RUB 11 million, or approximately USD 150,000. The release also stated that "the CBR introduced certain restrictions with respect to Qiwi Bank's operations, including, effective from December 7, 2020, the suspension or limitation of most types of payments to foreign merchants and money transfers to pre-paid cards from corporate accounts."
On this news, the Company's ADR price fell $2.80 per share, or 20%, to close at $10.79 per share on December 10, 2020, thereby injuring investors.
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) 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' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased Qiwi securities during the Class Period, you may move the Court no later than February 9, 2021 to ask the Court to appoint you as lead plaintiff. To be a member of the Class 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. If you purchased Qiwi securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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SOURCE The Law Offices of Frank R. Cruz, Los Angeles
