US shares of Kaspi.kz hit 7-month low as Culper Research reveals short position
19/09/2024 17:28
(Updates)
** U.S.-listed shares of Kazakhstan-based fintech
heavyweight Kaspi.kz KSPI.O fall nearly 22% to $93 in
afternoon trading
** Stock is trading at its lowest since mid-February
** Culper Research reveals short position in KSPI, alleging
the company has "systematically misled" U.S. investors and
regulators
** Short-seller alleges that KSPI's claim of having zero
exposure to Russia is a "grave deception"
** Russia has contributed "materially" to KSPI's
reported growth - Culper Research
** "The report is misleading, inaccurate and misrepresents
our business" - Kaspi's response to the report
** Reuters could not independently verify the claims in the
Culper Research report
** KSPI has been listed on the Nasdaq since January 2024
(Reporting by Arasu Kannagi Basil and Jaiveer Shekhawat in
Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))