Ryan & Maniskas, LLP Announces Investigation of Net 1 Ueps Technologies Inc.
07 Dezember 2012 - 11:30PM
Business Wire
Ryan & Maniskas, LLP (www.rmclasslaw.com/cases/ueps) has
commenced an investigation into potential securities law violations
by certain officers of Net 1 Ueps Technologies Inc. (“Net 1” or the
“Company”) (NASDAQ: UEPS). The investigation focuses on allegations
that certain statements issued by the Company regarding the
Company’s business, operations and financial condition were false
and misleading.
Net 1 shareholders should contact Richard A. Maniskas, Esquire
at 877-316-3218 or at rmaniskas@rmclasslaw.com to learn more about
this investigation.
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.
If you purchased Net 1 shares and would like to learn more about
these claims or if you wish to discuss these matters and have any
questions concerning this announcement or your rights, contact
Richard A. Maniskas, Esquire toll-free: (877) 316-3218 or visit:
www.rmclasslaw.com/cases/ueps. You may also email Mr. Maniskas at
rmaniskas@rmclasslaw.com. For more information about class action
cases in general, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation
firm. Ryan & Maniskas, LLP is devoted to protecting the
interests of individual and institutional investors in shareholder
actions in state and federal courts nationwide.
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