Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit on Behalf of Investors of Net1 UEPS Technologies, Inc.
January 02 2014 - 12:14PM
Business Wire
Glancy Binkow & Goldberg 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 a class (the “Class”)
comprising all purchasers of the securities of Net1 UEPS
Technologies, Inc. (“Net1” or the “Company”) (NASDAQ:UEPS) between
August 27, 2009 and November 27, 2013, inclusive (the “Class
Period”).
A COPY OF THE COMPLAINT IS AVAILABLE FROM THE COURT OR FROM
GLANCY BINKOW & GOLDBERG LLP. PLEASE CONTACT US TOLL-FREE AT
888-773-9224, OR AT 212-682-5340, OR BY EMAIL TO
SHAREHOLDERS@GLANCYLAW.COM TO DISCUSS THIS MATTER. IF YOU INQUIRE
BY EMAIL PLEASE INCLUDE YOUR MAILING ADDRESS, TELEPHONE NUMBER AND
NUMBER OF SHARES PURCHASED.
Net1 provides payment solutions and transaction processing
services for various industries in South Africa, Korea, Europe and
internationally. The Complaint alleges that the Company and certain
of its executive officers issued materially false and misleading
statements throughout the Class Period 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 Net 1 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 may move
the Court no later than February 24, 2014, to serve as lead
plaintiff; however, you must meet certain legal requirements. If
you wish to learn more about this action or have any questions
concerning this announcement or your rights or interests with
respect to these matters, please contact Michael Goldberg, Esquire,
of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite
2100, Los Angeles, California 90067, Toll-Free at 888-773-9224, or
contact Gregory Linkh, Esquire, of Glancy Binkow & Goldberg LLP
at 122 E. 42nd Street, Suite 2920, New York, New York 10168, at
212-682-5340, by e-mail to shareholders@glancylaw.com, or visit our
website at http://www.glancylaw.com. If you inquire by email please
include your mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Glancy Binkow & Goldberg LLP, Los Angeles, CAMichael
Goldberg, 888-773-9224orGlancy Binkow & Goldberg LLP, New York,
NYGregory Linkh, 212-682-5340shareholders@glancylaw.comwww.glancylaw.com
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