The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Joint Stock Company Kaspi.kz (“Kaspi.kz” or “the Company”) (NASDAQ: KSPI) for violations of the securities laws.

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Kaspi.kz is the subject of a report issued by Culper Research on September 19, 2024, titled: “Kaspi.kz (KSPI): The NASDAQ-Listed Fintech Moving Money for Criminals and Kleptocrats.” According to the report, “We believe Kaspi has systematically misled U.S. investors and regulators in its repeated claims – especially ahead of the Company’s January 2024 [NASDAQ] listing – that the Company has zero exposure to Russia.” Culper alleges that its “research exposes this grave deception: we believe that not only do Kaspi’s relationships with Russian partners permeate every segment of its business, but that in the wake of Russia’s February 2022 invasion of Ukraine and into 2024, Russia has contributed materially to Kaspi’s reported growth. Our research further unmasks Kaspi’s history of shadowy dealmaking, which raises not only related party and self-dealing concerns, but also exposes the Company’s vast, longstanding ties to bad actors including sanctioned oligarchs and Russian mobsters. We believe that Kaspi’s premium valuation and US listing are at risk, and shares are headed lower.”

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We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at bschall@schallfirm.com.

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

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