Michael has over 20 years of experience representing individual and small business plaintiffs against the world’s large financial institutions, including Visa, Mastercard, and Chase.
On Thursday, December 9, 2020, Russian payment provider company Qiwiannounced in an SEC filing that during a routine scheduled audit, the Central Bank of Russia identified certain violations and deficiencies relating primarily to reporting and record-keeping requirements. Following this news, J.P. Morgan downgraded the stock and Qiwi’s stock dropped 20% in intraday trading on Thursday, December 10, 2020, causing significant harm to investors.
Qiwi Stock drops 20% Following Audit That Identified Reporting Deficiencies
On Wednesday, December 9, 2020, Qiwi announced in an SEC filing that the Central Bank of Russia performed a routine scheduled audit of Qiwi Bank JSC (“Qiwi Bank”) for the period of July 2018 to September 2020 and identified certain violations and deficiencies relating primarily to “reporting and record-keeping requirements.”
Upon this audit finding, the Central Bank of Russia imposed a fine of approximately $150,000 on the company and has suspended or limited most types of payments to foreign merchants and money transfers to pre-paid cards from corporate accounts, effective December 7, 2020.
The next morning, on Thursday, December 10, 2020, J.P. Morgan downgraded Qiwi stock from neutral to underweight.
On this news, Qiwi’s stocks dropped 20% in intraday trading on Thursday, December 10, 2020, causing significant harm to investors.
Our Securities Lawyers Have a Winning Record Against Companies Like Qiwi
Our securities lawyers have recovered over a billion dollars on behalf of our clients against behemoths, such as Chase Bank, Mastercard, and Anthem Blue Cross Blue Shield. Read more about our results.
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Our Featured Securities Team
Eileen works closely with investors in securities cases and has over a decade of experience in the legal world. She received her law degree from American University in 2005.
David’s advocacy has generated major recoveries for consumers impacted by financial fraud. He was named to the Top 40 Under 40 by Daily Journal and a “Rising Star in Class Actions” by Law360.
Amanda is a member of the legal team in a securities lawsuit against NantHealth alleging false statements to investors about the success of its key product.
Gibbs Law Group’s financial fraud and securities lawyers have more than two decades of experience prosecuting fraud. Our attorneys have successfully litigated against some of the largest companies in the United States, and we have recovered more than a billion dollars on our clients’ behalf.
Gibbs Law Group's Financial Fraud Experience
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