Newman Ferrara LLP Announces Investigation of Net 1 UEPS Technologies Inc.
05 Dezember 2012 - 10:13PM
Business Wire
Newman Ferrara LLP is conducting an investigation into potential
violations of federal securities laws by Net 1 UEPS Technologies
Inc. (“Net 1”) (Nasdaq: UEPS) and certain of its executive officers
and directors.
On December 4, 2012, Net 1 announced that on November 30, 2012,
it received a letter from the U.S. Department of Justice, Criminal
Division, informing Net 1 that the Department of Justice and the
Federal Bureau of Investigation have begun an investigation into
whether Net 1 and its subsidiaries, including their officers,
directors, employees, and agents, 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 the South African Social Security Agency to provide
social welfare and benefits payments. The investigation also looked
into whether Net 1 engaged in violations of the federal securities
laws in connection with statements made by Net 1 in its Securities
and Exchange Commission filings regarding that contract. In
addition, Net 1 announced that on November 30, 2012, it also
received a letter from the Division of Enforcement of the
Securities and Exchange Commission advising Net 1 that it is also
conducting an investigation of Net 1.
On this news, shares of Net 1 dropped 58% down to a December 4,
2012 closing price of 3.22 per share.
Shareholders of Net 1 stock are encouraged to
contact Newman Ferrara attorney Roy Shimon at (212) 619-5400
or rshimon@nfllp.com to discuss this investigation and their rights
as Net 1 shareholders.
Whistleblowers: Persons with knowledge that may aid in
the investigation of this matter are encouraged to contact the
firm. Under the Dodd-Frank Wall Street Reform Bill, whistleblowers
are protected from employer retaliation and may be entitled to as
much as 30 percent of the recovery if the information provided
leads to a successful action.
Newman Ferrara maintains a multifaceted practice based in New
York City with attorneys specializing in complex commercial and
multi-party litigation, securities fraud and shareholder
litigation, consumer protection, civil rights, and real estate. For
more information, please visit the firm website at
www.nfllp.com.
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