Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Net 1 UEPS Technologies, Inc.
01 January 2014 - 8:23AM
Business Wire
Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of
Net 1 UEPS Technologies, Inc. (NASDAQ GS:
UEPS)?
- Did you purchase your shares before
August 27, 2009, or between August 27, 2009 and November 27, 2013,
inclusive?
- Did you lose money in your
investment in Net 1 UEPS Technologies, Inc.?
- Do you want to discuss your
rights?
Rigrodsky & Long, P.A. , including former Special Assistant
United States Attorney, Timothy J. MacFall, announces that a
complaint has been filed in the United States District Court for
the Southern District of New York on behalf of all persons or
entities that purchased the common stock of Net 1 UEPS
Technologies, Inc. (“Net 1” or the “Company”) (NASDAQ GS: UEPS)
between August 27, 2009 and November 27, 2013, inclusive (the
“Class Period”), alleging violations of the Securities Exchange Act
of 1934 against the Company and certain of its officers (the
“Complaint”).
If you purchased shares of Net 1 during the Class Period, or
purchased shares prior to the Class Period and still hold Net 1,
and wish to discuss this action or have any questions concerning
this notice or your rights or interests, please contact Timothy J.
MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A.,
825 East Gate Boulevard, Suite 300, Garden City, NY at (888)
969-4242, by e-mail to info@rl-legal.com, or at:
http://www.rigrodskylong.com/investigations/net-1-ueps-technologies-inc-ueps.
Net 1 is a leading provider of payment solutions and transaction
processing services across multiple industries and in a number of
emerging economies. The Complaint alleges that throughout the Class
Period, defendants made materially false and misleading statements,
and omitted materially adverse facts, about the Company’s business,
operations and prospects. Specifically, the Complaint alleges that
the defendants concealed from the investing public that: (i) the
Company’s practices to secure contracts in South Africa were in
violation of the Foreign Corrupt Practices Act (“FCPA”); and (ii)
as a result of the above, the Company’s financial statements were
materially false and misleading at all relevant times. As a result
of defendants’ false and misleading statements, the Company’s stock
traded at artificially inflated prices during the Class Period.
According to the Complaint, on December 4, 2012, the Company
disclosed that it was under investigation by the U.S. Department of
Justice, Criminal Division and the Division of the Enforcement of
the Securities and Exchange Commission to determine whether the
Company has “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 (“SASSA”) to provide social welfare
and benefits payments.”
Then, on November 29, 2013, the Company announced that the South
African Constitutional Court ruled that the tender process followed
by the SASSA in awarding a contract to Net 1’s wholly owned
subsidiary Cash Paymaster Services (Proprietary) Limited (“CPS”)
was constitutionally invalid.
On this news, shares in Net 1 dropped more than 28%, closing at
$8.19 per share on November 29, 2013, on unusually heavy trading
volume.
If you wish to serve as lead plaintiff, you must move the Court
no later than February 24, 2014. A lead plaintiff is a
representative party acting on behalf of other class members in
directing the litigation. In order to be appointed lead plaintiff,
the Court must determine that the class member’s claim is typical
of the claims of other class members, and that the class member
will adequately represent the class. Your ability to share in any
recovery is not, however, affected by the decision whether or not
to serve as a lead plaintiff. Any member of the proposed class may
move the court to serve as lead plaintiff through counsel of their
choice, or may choose to do nothing and remain an absent class
member.
While Rigrodsky & Long, P.A. did not file the Complaint in
this matter, the firm, with offices in Wilmington, Delaware and
Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
Rigrodsky & Long, P.A.Timothy J. MacFall, EsquirePeter
Allocco888-969-4242516-683-3516Fax:
302-654-7530info@rl-legal.comhttp://www.rigrodskylong.com
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