According to the Complaint, Qiwi plc, together with its subsidiaries, purports to operate electronic online payment systems primarily in Russia, Kazakhstan, Moldova, Belarus, Romania, the United Arab Emirates, and internationally.

The Complaint alleges Defendants throughout the Class Period made false and/or misleading statements and/or failed 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.

On May 20, 2021, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated amended Complaint on July 9. Defendants filed a Motion to Dismiss the consolidated amended Complaint on November 1.

On November 3, 2023, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.

Lead Plaintiff filed a consolidated second amended Complaint on December 21, 2023.