According to the Complaint, Joint Stock Company Kaspi.kz has a subsidiary called Kaspi Bank, which it has described as “one of the largest and systematically important financial institutions in Kazakhstan[.]” Further, Kaspi.kz works in financial services by providing digital applications to users which can be used for purposes such as making purchases and transferring money. This lawsuit was filed against the Company and two of its Officers.

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Joint Stock Company Kaspi.kz continued doing business with Russian entities, and also providing services to Russian citizens, after Russia’s 2022 invasion of Ukraine, thereby exposing the Company to the undisclosed risk of sanctions; (2) the Company engaged in undisclosed related party transactions; (3) certain of the Company’s executives have links to reputed criminals; and (4) as a result, Defendants’ statements about Joint Stock Company Kaspi.kz’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On March 25, 2025, the Court issued an Order appointing Lead Plaintiff and Counsel. On April 9, Lead Plaintiff voluntarily dismissed the case.