Qiwi Investors Fall Short in Alleging Fraud Over Russian Rules

US-based investors in Qiwi PLC can’t proceed with claims that the Russian financial technology company misled them before disclosing an adverse banking authority audit, a federal court ruled.

The investors didn’t give enough detail about Qiwi’s alleged reporting and record-keeping violations or its alleged role in allowing customers to make illegal gambling transactions to support the securities fraud suit, Judge Rachel P. Kovner said for the US District Court for the Eastern District of New York. Kovner dismissed the complaint on behalf of a proposed class, but gave the lead investor a chance to argue for submitting a new version. ...