Investor Alert: Wites & Kapetan Announces Investigation of Investor Losses in Net 1 UEPS Technologies, Inc., & Class Action L...
08 January 2014 - 7:21AM
Business Wire
On December 4, 2012, Net 1 UEPS Technologies, Inc. (“Net 1” or
the “Company”) (NASDAQ:UEPS) 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.” Following this news, Net 1 shares declined by $4.62 per
share, or nearly 59%, to close at $3.22 per share on December 4,
2012, on unusually heavy trading volume.
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. Following this news, shares of Net 1
declined by $3.34 per share, nearly 29%, to close at $8.19 per
share on November 29, 2013, again on unusually heavy trading
volume.
If you are an investor who purchased Net 1 stock you may have a
legal claim against the Company and could serve as the lead
plaintiff in a class action lawsuit. If you are interested in being
the lead plaintiff, or would like to speak with an attorney about
your legal rights, contact the attorneys at Wites & Kapetan,
P.A. by email at info@wklawyers.com or toll-free at 1 (866)
277-8631.
Wites & Kapetan, P.A. is a law firm with offices in Oakland,
California and Lighthouse Point, Florida, with expertise in the
representation of investors in securities fraud and investor
litigation claims. You may visit its website at
www.wklawyers.com.
Michele Desoer, an attorney at Wites & Kapetan, is a member
of the State Bar of California and is responsible for the content
of this advertisement.
Wites & Kapetan, P.A.Michele Desoer,
1-866-277-8631info@wklawyers.com
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