Law Offices of Howard G. Smith Announces Investigation of Net 1 UEPS Technologies Inc.
04 Dezember 2012 - 10:30PM
Business Wire
Law Offices of Howard G. Smith announces that it is
investigating potential claims on behalf of shareholders of Net 1
UEPS Technologies, Inc. (“Net 1” or the “Company”) (NASDAQ:UEPS).
The investigation concerns possible violations of federal
securities laws and/or breaches of fiduciary duties by the Company
or its fiduciaries. Net 1 provides payment solutions and
transaction processing services for various industries in South
Africa, Korea, Europe and internationally.
On December 4, 2012 the Company filed a Form 8-K with the
Securities and Exchange Commission (the “SEC”) disclosing that on
November 30, 2012 Net 1 received a letter from the U.S. Department
of Justice, Criminal Division (the “DOJ”), informing the Company
that the DOJ and the Federal Bureau of Investigation have 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. The alleged payments relate to securing a contract
with the South African Social Security Agency to provide social
welfare and benefits payments. The DOJ and FBI are also
investigating whether Net 1 engaged in violations of the federal
securities laws in connection with statements made by the Company
in its SEC filings regarding this contract. The Company further
disclosed that the SEC’s Division of Enforcement has advised Net 1
that it is also conducting an investigation of the Company.
If you purchased Net 1 shares and still hold those shares, if
you have information or would like to learn more about these
claims, or if you wish to discuss these matters or have any
questions concerning this announcement or 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.
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