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.