The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of all those who purchased or otherwise acquired the securities 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”).

If you purchased or otherwise acquired the securities of Net 1 during the Class Period, you may move the Court for appointment as lead plaintiff by no later than February 24, 2014. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.

Net 1 investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.

Background on the Net 1 Securities Class Litigation

The action charges Net 1 and certain of its officers and directors with violations of Securities Exchange Act of 1934. Net 1 holds a non-exclusive worldwide license to the Universal Electronic Payment System. The Company commercializes the smart card based service through alliances with banks, card services, and retail organizations.

The action alleges that, throughout the Class Period, 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; and (ii) as a result of the above, the Company’s financial statements were materially false and misleading at all relevant times.

On December 4, 2012, Net 1 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 had “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 SASSA [the South African Social Security Agency] to provide social welfare and benefits payments.” On this news, Net 1 stock dropped $4.62 per share, or nearly 59%, from a closing price of $7.84 on December 3, 2012, to close at $3.22 per share on December 4, 2012.

On November 29, 2013, the Company announced that the South African Constitutional Court had ruled that the tender process SASSA had followed in awarding a contract to Net 1’s wholly owned subsidiary Cash Paymaster Services (Proprietary) Limited was constitutionally invalid. On news of the court’s decision, Net 1 stock fell $3.34 per share, or over 28%, from a closing price of $11.53 on the previous trading day, November 27, 2013, to close at $8.19 per share on November 29, 2013, on extremely high trading volume.

About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.

Since 2003, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs’ law firms in the nation. In compiling the list, the National Law Journal examined recent verdicts and settlements in addition to overall track records. Lieff Cabraser is one of only two plaintiffs’ law firms in the United States to receive this honor for the last ten consecutive years.

For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Source/Contact for Media Inquiries Only:Lieff Cabraser Heimann & Bernstein, LLPSharon M. Lee, 1-800-541-7358

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