NEW YORK, Jan. 2, 2014 /PRNewswire/ -- Bernstein
Liebhard LLP today announced that a class action has been commenced
in the United States District Court for the Southern District of
New York on behalf of purchasers
(the "Class") of securities of Net 1 UEPS Technologies, Inc.
("UEPS") (NASDAQ: UEPS) during the period of August 27, 2009 and November 27, 2013 (the "Class Period").
(Logo: http://photos.prnewswire.com/prnh/20120202/MM47134LOGO
)
Net 1 holds a non-exclusive worldwide license to the Universal
Electronic Payment System ("UEPS"). The Company
commercializes the smart card-based service through alliances with
banks, card services, and retail organizations.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and misleading statements
regarding the Company's business, operational and compliance
policies. Specifically, Defendants made false and/or
misleading statements and/or failed to disclose 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, the Company's
financial statements were materially false and misleading at all
relevant times.
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 Enforcement of the
Securities and Exchange Commission to determine whether the Company
has "violated provisions of the [FCPA] 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 SASSA to
provide social welfare and benefits payments." On this news,
UEPS stock declined $4.62 per share,
or nearly 59%, to close at $3.22 per
share on December 4, 2012.
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
UEPS' wholly owned subsidiary Cash Paymaster Services (Proprietary)
Limited was constitutionally invalid. On news of the South
African Court's decision, the Company's shares fell $3.34 per share to close at $8.19 per share, a one day decline of over 28%,
on unusually high trading volume.
Plaintiffs seek to recover damages on behalf of all Class
members who invested in UEPS securities during the Class
Period. If you invested in UEPS securities as described
above, and either lost money on the transaction or still hold the
security, you may wish to join in this action to serve as lead
plaintiff. In order to do so, you must meet certain
requirements set forth in the applicable law and file appropriate
papers no later than February 24,
2014.
A "lead plaintiff" is a representative party that acts 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. Under certain circumstances, one or more class members
may together serve as lead plaintiff. Your ability to share
in any recovery is not, however, affected by the decision whether
or not to serve as a lead plaintiff. You may retain Bernstein
Liebhard LLP, or other counsel of your choice, to serve as your
counsel in this action.
If you are interested in discussing your rights as a UEPS
shareholder and/or have information relating to the matter, please
contact Joseph R. Seidman, Jr. at
(877) 779-1414 or seidman@bernlieb.com.
Bernstein Liebhard LLP has pursued hundreds of securities,
consumer and shareholder rights cases and recovered over
$3 billion for its clients. It
has been named to The National Law Journal's "Plaintiffs'
Hot List" in each of the last ten years.
You can obtain a copy of the complaint from the clerk of the
court for the United States District Court for the Southern
District of New York.
Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(877) 779-1414
www.bernlieb.com
ATTORNEY ADVERTISING. © 2014 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
http://www.bernlieb.com
(212) 779-1414
seidman@bernlieb.com
SOURCE Bernstein Liebhard LLP