Payoneer Global Inc. (PAYO)
Whether directors and officers of Payoneer Global Inc. (PAYO) breached their fiduciary duties to the company and its shareholders.
Investigation
12/10/2020
Initial Lawsuit
12/11/2020
Lawsuit Progression
05/20/2021
Investigation regarding statements made by the company in connection with its subsidiary Qiwi Bank JSC and its reporting and record-keeping internal controls from July 2018 to September 2020.
12/09/2020
QIWI reports that the Central Bank of Russia (CBR) performed a routine scheduled audit of Qiwi Bank JSC for the period of July 2018 to September 2020 and identified certain violations and deficiencies relating primarily to reporting and record-keeping requirements.
CBR imposed a small fine of RUB 11 million ($150,000) and introduced certain restrictions with respect to Qiwi Bank’s operations, including, effective from December 7, 2020, the suspension or limitation of most types of payments to foreign merchants and money transfers to pre-paid cards from corporate accounts. To qualify the impact, QIWI reported that, had it been in effect the whole 2020 year, the previous 9-month financial results would have negatively affected 33% to 40% of its Payment Services Segment Net Revenue. QIWI reported RUB 20,965 million ($339 million) in Payment Services Segment Net Revenue for the fiscal year 2019.
Stock Impact
Close | Previous close | Price variation | Percentage variation |
---|---|---|---|
$12.94 | $13.548051766977 | $-0.61 | -4.49% |
Plaintiff brings this securities class action on behalf of all persons and entities who purchased the publicly traded securities of Qiwi between March 28, 2019 and December 9, 2020.
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors that:
(i) Qiwi’s internal controls related to reporting and record-keeping were ineffective;
(ii) consequently, the Central Bank of Russia would impose a monetary fine upon the Company and impose restrictions upon the Company’s ability to make payments to foreign merchants and transfer money to pre-paid cards; and
(iii) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.
05/20/2021
The court issued an order appointing the lead plaintiff and lead counsel.
07/09/2021
This is a federal securities class action on behalf of a class consisting of all persons and entities that purchased or otherwise acquired Qiwi securities between November 14, 2018 and December 9, 2020, both dates inclusive.
Operative complaint
Whether directors and officers of Payoneer Global Inc. (PAYO) breached their fiduciary duties to the company and its shareholders.
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