NEW YORK, Dec. 10, 2020 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Qiwi plc ("Qiwi" or the "Company") (NASDAQ: QIWI). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether Qiwi and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On December 10, 2020, Qiwi issued a press release entitled "QIWI (QIWI) Fined by Bank of Russia, Restricts Operations." The press release stated, in relevant part, 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 monetary fine imposed on Qiwi Bank as a result of these findings was RUB 11 million, or approximately USD 150,000." Qiwi further disclosed that "as part of its instruction letter setting forth the findings of the audit, 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, Qiwi's American Depositary Receipt price fell sharply during intraday trading on December 10, 2020, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP