Law Offices of Todd M. Garber Announces Investigation of Net 1 UEPS Technologies, Inc.
18 Dezember 2012 - 11:00PM
Business Wire
The Law Offices of Todd M. Garber announces that it is
investigating potential claims against 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.
Specifically, the investigation is related to 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 investigations into whether Net 1 and its
subsidiaries 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.
In addition, the DOJ and FBI are also investigating whether Net
1 engaged in violations of U.S. federal securities laws in
connection with statements made by the Company in its filings with
the Securities and Exchange Commission (“SEC”) 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 Todd M. Garber,
Esquire, of the Law Offices of Todd M. Garber, by telephone at
213-700-7262 or by email to info@toddgarberlaw.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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