According to the Complaint, Qiwi plc, together with its subsidiaries, purports to operate electronic online payment systems primarily in the Russia, Kazakhstan, Moldova, Belarus, Romania, the United Arab Emirates, and internationally.

The Complaint alleges Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Qiwi's internal controls related to reporting and record-keeping were ineffective; (2) 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 (3) as a result, Defendants' public statements were materially false and/or misleading at all relevant times.