The Alexander Firm P.C. Announces Upcoming Lead Plaintiff Deadline in Class Action Lawsuit Against Net1 UEPS Technologies, Inc.
January 16 2014 - 4:02PM
Business Wire
The Alexander Firm P.C., A Professional Law Corporation,
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 class action
lawsuit filed in the United States District Court, Southern
District of New York, on behalf of a class (the “Class”) consisting
of all persons or entities who purchased or otherwise acquired Net1
securities between August 27, 2009 and November 27, 2013, inclusive
(the “Class Period”).
Net1 holds a non-exclusive worldwide license to the Universal
Electronic Payment System (“UEPS”) which provides payment solutions
and transaction processing services for various industries in South
Africa, Korea, Europe and internationally. The Company
commercializes the smart card based service through alliances with
banks, card services, and retail organizations. 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 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 (“FCPA”) 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 FCPA 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 Vahn Alexander, Esq., The Alexander Firm P.C., A
Professional Law Corporation, 1875 Century Park East, Suite 700,
Los Angeles, California 90067, by telephone at (310) 407-5335, or
by email to info@alexanderfirmpc.com, or visit our website at
www.alexanderfirmpc.com. This press release may be considered
Attorney Advertising in some jurisdictions.
The Alexander Firm P.C., A Professional Law CorporationVahn
Alexander, Esq.(310)
407-5335info@alexanderfirmpc.comwww.alexanderfirmpc.com
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