FinTech

Kaspi.kz shares fall after short seller report

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Shares of Kazakhstan-based fintech giant Kaspi.kz, (NASDAQ:KSPI) dropped by as much as 7.1% in early trading, with the stock last down 6.1% at $111.77.

The decline followed a report from short seller Culper Research, which announced a short position in the company, alleging that Kaspi.kz has "systematically misled" U.S. investors and regulators.

Culper claimed that the fintech firm's assertion of having zero exposure to Russia is a "grave deception" and that Russia has contributed "materially" to the company's reported growth.

Kaspi.kz did not immediately respond to a request for comment on the issue.

Kaspi.kz has been publicly traded on the Nasdaq since January 2024.

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