Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline In The Class Action Lawsuit Against Net1 UEPS Technologies, ...
11 January 2014 - 1:32PM
Business Wire
Law Offices of Howard G. Smith announces that investors of Net1
UEPS Technologies, Inc. (“Net1” or the “Company”) (NASDAQ:UEPS)
have until February 24, 2014, to move the Court to serve as lead
plaintiff in the securities fraud class action lawsuit filed in the
United States District Court for the Southern District of New York
on behalf of a class (the “Class”) comprising all persons who
purchased the securities of Net1 between August 27, 2009 and
November 27, 2013, inclusive (the “Class Period”).
Net1 provides payment solutions and transaction processing
services for various industries in South Africa, Korea, Europe and
internationally. The Complaint alleges that throughout the Class
Period the Company and certain of its executive officers issued
materially false and misleading statements concerning the Company's
business and operations. Specifically, the Complaint alleges that
the defendants misrepresented or failed to disclose that the
Company’s practices to secure contracts in South Africa were in
violation of the Foreign Corrupt Practices Act and, as a result,
that the Company’s financial statements were materially false and
misleading at all relevant times.
On December 4, 2012, Net1 disclosed that the U.S. Department of
Justice, Criminal Division, and the Federal Bureau of Investigation
had begun an investigation into whether Net1 and its subsidiaries,
including certain of their employees and agents and other possibly
affiliated persons and entities, 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. Then, on November 29, 2013, Net1
disclosed that the Constitutional Court of South Africa ruled that
the tender process followed by the South African Social Security
Agency in awarding a contract to Net1’s wholly owned subsidiary
Cash Paymaster Services (Proprietary) Limited was constitutionally
invalid.
If you are a member of the Class described above, you have
certain rights and have until February 24, 2014, to move for lead
plaintiff status. To be a member of the Class you need not take any
action at this time or may retain counsel of your choice. If you
purchased shares prior to the Class Period and wish to learn more
concerning your rights or interests with respect to these matters,
please contact Howard G. Smith, Esquire, of Law Offices of Howard
G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania
19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847,
or by email to howardsmith@howardsmithlaw.com, or visit our website
at http://www.howardsmithlaw.com.
Law Offices of Howard G. SmithHoward G. Smith, Esquire(215)
638-4847(888)
638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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