On Thursday, December 9, 2020, Russian payment provider company Qiwi (NASDAQ: QIWI) announced 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.

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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.

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