Glancy Binkow & Goldberg LLP Announces Investigation of Net 1 UEPS Technologies, Inc.
09 Dezember 2012 - 2:01AM
Business Wire
Glancy Binkow & Goldberg LLP announces that it is
investigating potential claims on behalf of purchasers of the
securities of Net 1 UEPS Technologies, Inc. (“Net 1” or the
“Company”) (NASDAQ:UEPS) concerning 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.
The investigation is focused on the Company’s December 4, 2012
disclosure that the U.S. Department of Justice, Criminal Division
(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 Michael Goldberg,
Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park
East, Suite 2100, Los Angeles, California 90067, by telephone at
(310) 201-9150, Toll Free at (888) 773-9224, by e-mail to
shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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