Eileen Epstein Carney
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.
Qiwi Securities Lawsuit Investigation
Stock for Russian payment provider services drops 20% after audit identifies reporting deficiencies and violations
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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We represent individuals, whistleblowers, employees, and small businesses across the U.S. against the world's largest corporations. Our award-winning lawyers have achieved landmark recoveries and over a billion dollars for our clients in high-stakes class action and individual cases involving consumer protection, data breach, digital privacy, and federal and financial fraud lawsuits. Our attorneys have received numerous honors for their work, including “Top Plaintiff Lawyers in California,” “Top Class Action Attorneys Under 40,” “Consumer Protection MVP,” “Best Lawyers in America,” and “Top Cybersecurity/ Privacy Attorneys Under 40.