Hagens Berman Reminds UEPS Investors of Feb. 24, 2014 Lead Plaintiff Deadline and Continued Investigation
11 February 2014 - 6:25AM
Business Wire
Hagens Berman Sobol Shapiro LLP, a national investor-rights law
firm representing investors, wishes to remind purchasers of Net 1
UEPS Technologies, Inc. (NASDAQ: UEPS) (“UEPS” or “the Company”)
stock that the deadline to file for lead plaintiff in a securities
class-action lawsuit against the company is Feb. 24, 2014.
Investors who suffered significant financial losses related to the
case can email UEPS@hbsslaw.com for more information.
A lawsuit was filed on Dec. 26, 2013 in the U.S. District Court,
Southern District of New York, alleging that the company made false
or misleading statements to its investors. The suit seeks to
represent a class of investors who purchased UEPS stock between
Aug. 27, 2009, and Nov. 27, 2013. If you wish to serve as a lead
plaintiff the case, please contact Hagens Berman Partner Reed
Kathrein, who is leading the firm’s investigation, by calling
510-725-3000. Additional information is available at
http://hb-securities.com/investigations/UEPS.
Hagens Berman’s investigation centers around claims that UEPS
may have violated the Foreign Corrupt Practices Act (FCPA), which
makes it illegal to bribe foreign officials to award contracts. On
Dec. 4, 2012, UEPS announced that the U.S. Department of Justice
(DOJ) was investigating potential violations of the FCPA with
regard to a contract awarded by the government of South Africa.
Nearly a year later, on Nov. 29, 2013, the South African
Constitutional Court held that the contract was invalid due to an
unfair awarding process and acknowledged concerns that an unfair
process may be the result of hidden corruption, stating,
“deviations from fair process may themselves all too often be
symptoms of corruption or malfeasance in the process. In other
words, an unfair process may betoken a deliberately skewed
process.”
Following both events, the price of UEPS stock fell. It traded
at class period highs of more than $20, but now trades around $8
closing at $8.15 on Feb. 6, 2014.
Hagens Berman is investigating whether UEPS knew it was in
violation of the FCPA and South African laws, and failed to
disclose the potential financial risk to investors.
“UEPS is facing intense allegations that could come with a heavy
penalty against the company if they are found to be true,” said
Hagens Berman Partner Reed Kathrein, who is leading the firm’s
investigation. “Hagens Berman will continue to investigate how much
UEPS knew about their violations against FCPA laws following the
ruling from the South African court.”
The deadline for investors to move for lead plaintiff in the
case is Feb. 24, 2014.
Persons with non-public information who want to consider their
options to help in the investigation or take advantage of the SEC
Whistleblower program may contact Reed Kathrein at 510-725-3000 or
email the firm at UEPS@hbsslaw.com for more information. Under the
new SEC Whistleblower program, whistleblowers who provide original
information to the SEC may receive rewards totaling up to 30
percent of any successful recovery made by the SEC.
About Hagens Berman
Hagens Berman Sobol Shapiro LLP is an investor-rights
class-action law firm with offices in nine cities. The Firm
represents investors, whistleblowers, workers and consumers in
complex litigation. More about the law firm and its successes can
be found at www.hb-securities.com. The Firm’s Securities Newsletter
is at http://www.hb-securities.com/newsletter. The firm’s blog is
located at www.meaningfuldisclosure.com.
Firmani + AssociatesMark Firmani,
206-443-9357mark@firmani.com
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