WAYNE, Pa., Jan. 2, 2014
/PRNewswire/ -- Ryan & Maniskas, LLP announces that a
class action lawsuit 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: UEPS) between August 27,
2009 and November 27, 2013,
inclusive (the "Class Period").
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For more information regarding this class action suit, please
contact Ryan & Maniskas, LLP (Richard
A. Maniskas, Esquire) toll-free at (877) 316-3218 or by
email at rmaniskas@rmclasslaw.com or visit:
www.rmclasslaw.com/cases/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 are a member of the class, you may, no later than
February 24, 2014, request that the
Court appoint you as lead plaintiff of the class. 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 Ryan &
Maniskas, LLP or other counsel of your choice, to serve as your
counsel in this action.
For more information about the case or to participate online,
please visit: www.rmclasslaw.com/cases/ueps or contact Richard A. Maniskas, Esquire toll-free at (877)
316-3218, or by e-mail at rmaniskas@rmclasslaw.com. For more
information about class action cases in general or to learn more
about Ryan & Maniskas, LLP, please visit our website:
www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation
firm. Ryan & Maniskas, LLP is devoted to protecting the
interests of individual and institutional investors in shareholder
actions in state and federal courts nationwide.
CONTACT:
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Ryan &
Maniskas, LLP
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Richard A.
Maniskas, Esquire
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995 Old Eagle
School Rd., Suite 311
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Wayne, PA
19087
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484-588-5516
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877-316-3218
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www.rmclasslaw.com/cases/ueps
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rmaniskas@rmclasslaw.com
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SOURCE Ryan & Maniskas, LLP