A private investor will sue a broker over the purchase of Yandex N.V. shares.

Private investor I. Shorokhov (name not specified. – Ed.) filed a lawsuit against the broker ATON, accusing him of unfairly providing services when buying shares of the Dutch Yandex N.V (now Nebius). As follows from the card on the portal of the courts of general jurisdiction of Moscow, the case will be discussed in the Zamoskvoretsky court on April 7.

The plaintiff's representatives told Izvestia that the investment adviser had provided him with deliberately false information about the reorganization of Yandex: he convinced a private investor that Yandex N.V. was undergoing redomicilation and recommended purchasing shares on the over-the-counter market. The broker assured that as a result of the redomicilation, there would be a 1-to-1 conversion of shares, which should have led to a 50-90% increase in their value after the company moved to Russia. Based on this recommendation, Shorokhov purchased the securities of the Dutch Yandex throughout 2023.

Nevertheless, Yandex did not use the redomicilation procedure, and the investor was unable to exchange shares of Yandex N.V. for shares of the new Russian Yandex, the Yandex Insurance Company. This, according to his estimates, led to a loss of over 76 million rubles.

Shorokhov's lawyers believe that the broker violated the law "On the Securities Market", as well as a number of industry standards. According to them, the client needs to provide verified information, take into account all the circumstances of the transaction and always give priority to the interests of the client. The prosecution believes that ATON deliberately misled the plaintiff in order to earn an increased commission on the over-the-counter market.

This is not the first case of appeals to the court due to violations of brokers' obligations. Earlier, S7 Airlines secured the recovery of 1 billion rubles from Digital Broker, as financial consultants violated their obligations to purchase shares of Yandex N.V. on the over—the-counter market.

In February 2024, the Dutch Yandex NV signed a deal to sell Russian assets for 475 billion rubles to a consortium of private investors. The new parent company of the group has become the Yandex MCPAO, registered in the Kaliningrad Region by way of incorporation.