Block & Leviton LLP Investigates Net 1 UEPS Technologies, Inc.
and Certain of Its Officers and Directors for Possible Violations
of the Federal Securities Laws
BOSTON, Dec. 4, 2012 /PRNewswire/ -- Block &
Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors
nationwide, is investigating possible securities law violations
involving Net 1 UEPS Technologies, Inc. ("Net 1" or the "Company")
(NASDAQ: UEPS) following the Company's disclosure of investigations
being conducted by the Department of Justice ("DOJ"), Criminal
Division, and Securities and Exchange Commission ("SEC") regarding
violations of the Foreign Corrupt Practices Act and other laws.
More specifically, on December 4,
2012, the Company announced that it had received a letter on
November 30, 2012 from the DOJ that
the Federal Bureau of Investigation "have begun an investigation
into whether [the Company] ..., including [its] officers,
directors, employees, and agents ... violated provisions of
the Foreign Corrupt Practices Act and other U.S. federal criminal
laws by engaging in a scheme to make corrupt payments to officials
of the Government of South Africa
in connection with securing a contract with the South African
Social Security Agency to provide social welfare and benefits
payments and also engaged in violations of the federal securities
laws in connection with statements made by Net 1 in its SEC filings
regarding this contract." Not surprisingly, the SEC, Division
of Enforcement, has also launched an investigation.
News of the DOJ and SEC investigations shocked the market and
the Company's stock price fell by more than 55% in mid-day
trading. Based on the information to date, it appears that
the Company's wrongdoing spanned from January 19, 2012 to December 4, 2012.
Block & Leviton's investigation seeks to determine, among
other things, whether Net 1 and its officers and directors have
violated the federal securities laws. If you have any
information relevant to this investigation, or have questions about
your legal rights, please contact Steven P.
Harte of Block & Leviton LLP at (617) 398-5600 or email
him at Steven@blockesq.com.
Block & Leviton is a Boston-based law firm representing investors
for violations of securities laws. The firm's lawyers have
collectively been prosecuting securities cases on behalf of
investors for over 50 years.
This notice may constitute attorney advertising.
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Contact:
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BLOCK
& LEVITON LLP
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Steven P.
Harte, Esq.
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(617)
398-5600
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Steven@blockesq.com
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SOURCE Block & Leviton LLP