01:14 PM EDT, 09/19/2024 (MT Newswires) -- Kaspi.kz (KSPI) shares tumbled 19% in recent Thursday trading after Culper Research disclosed a short position on the stock, alleging the fintech company "systematically misled" US investors and regulators with claims of "zero exposure to Russia."

"Russia has contributed materially to Kaspi's reported growth," Culper said in a report.

Kaspi avoids addressing the extent of its Russian or nonresident users by not disclosing the portion of its monthly active users, deposits, or payment volumes from these groups, Culper said in its 30-page report.

Kaspi said Thursday in a statement the Culper report is "misleading, inaccurate and misrepresents our business."

"Being the first company from Kazakhstan to successfully list on Nasdaq has obviously raised our profile amongst short sellers," the statement said.

Kaspi has been listed on the Nasdaq since January.

Price: 95.87, Change: -23.14, Percent Change: -19.44