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Qiwi plc Class Action Lawsuit

Company Name
Qiwi plc
Stock Symbol
QIWI
Class Period
March 28, 2019 to December 9, 2020
Court
Eastern District of New York

Case Summary

The Qiwi plc class action lawsuit charges Qiwi and certain of its executives with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers of Qiwi securities between March 28, 2019 and December 9, 2020, inclusive (the “Class Period”).  The Qiwi class action lawsuit was commenced on December 11, 2020 in the Eastern District of New York and is captioned Ochakoff v. Qiwi plc, No. 20-cv-06054.

Qiwi, together with its subsidiaries, operates electronic online payment systems primarily in Russia, Kazakhstan, Moldova, Belarus, Romania, the United Arab Emirates, and internationally.

The Qiwi class action lawsuit alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Qiwi’s internal controls relating to reporting and record-keeping were ineffective; (2) consequently, the Central Bank of Russia would impose a monetary fine upon Qiwi and impose restrictions upon Qiwi’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 December 9, 2020, Qiwi announced that the Central Bank of Russia had imposed a fine of approximately $150,000 for deficient record-keeping and reporting and suspended Qiwi from conducting most types of payments to foreign merchants and money transfers to pre-paid cards from corporate accounts.  On this news, the price of Qiwi’s American Depositary Shares fell more than 20%, damaging investors.

Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation.  With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history.  For eight consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements.  Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims.  Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide.  Robbins Geller attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry.

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