Lieff Cabraser Announces Class Action Litigation Against Net 1 UEPS Technologies, Inc. - UEPS
23 Januar 2014 - 3:00PM
Business Wire
The law firm of Lieff Cabraser Heimann & Bernstein, LLP
announces that class action litigation has been brought on behalf
of all those who purchased or otherwise acquired the securities of
Net 1 UEPS Technologies, Inc. (“Net 1” or the “Company”)
(Nasdaq:UEPS) between August 27, 2009 and November 27, 2013,
inclusive (the “Class Period”).
If you purchased or otherwise acquired the securities of Net 1
during the Class Period, you may move the Court for appointment as
lead plaintiff by no later than February 24, 2014. A lead plaintiff
is a representative party who acts on behalf of other class members
in directing the litigation. Your share of any recovery in the
action will not be affected by your decision of whether to seek
appointment as lead plaintiff. You may retain Lieff Cabraser, or
other attorneys, as your counsel in the action.
Net 1 investors who wish to learn more about the action and how
to seek appointment as lead plaintiff should click here or contact
Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Net 1 Securities Class
Litigation
The action charges Net 1 and certain of its officers and
directors with violations of Securities Exchange Act of 1934. Net 1
holds a non-exclusive worldwide license to the Universal Electronic
Payment System. The Company commercializes the smart card based
service through alliances with banks, card services, and retail
organizations.
The action alleges that, throughout the Class Period, defendants
made false and/or misleading statements and/or failed to disclose
that: (i) the Company's practices to secure contracts in South
Africa were in violation of the Foreign Corrupt Practices Act; and
(ii) as a result of the above, the Company’s financial statements
were materially false and misleading at all relevant times.
On December 4, 2012, Net 1 disclosed that it was under
investigation by the U.S. Department of Justice, Criminal Division
and the Division of the Enforcement of the Securities and Exchange
Commission to determine whether the Company had “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 SASSA [the South African
Social Security Agency] to provide social welfare and benefits
payments.” On this news, Net 1 stock dropped $4.62 per share, or
nearly 59%, from a closing price of $7.84 on December 3, 2012, to
close at $3.22 per share on December 4, 2012.
On November 29, 2013, the Company announced that the South
African Constitutional Court had ruled that the tender process
SASSA had followed in awarding a contract to Net 1’s wholly owned
subsidiary Cash Paymaster Services (Proprietary) Limited was
constitutionally invalid. On news of the court’s decision, Net 1
stock fell $3.34 per share, or over 28%, from a closing price of
$11.53 on the previous trading day, November 27, 2013, to close at
$8.19 per share on November 29, 2013, on extremely high trading
volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San
Francisco, New York, and Nashville, is a nationally recognized law
firm committed to advancing the rights of investors and promoting
corporate responsibility.
Since 2003, the National Law Journal has selected Lieff Cabraser
as one of the top plaintiffs’ law firms in the nation. In compiling
the list, the National Law Journal examined recent verdicts and
settlements in addition to overall track records. Lieff Cabraser is
one of only two plaintiffs’ law firms in the United States to
receive this honor for the last ten consecutive years.
For more information about Lieff Cabraser and the firm’s
representation of investors, please visit
http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Source/Contact for Media Inquiries
Only:Lieff Cabraser Heimann & Bernstein, LLPSharon M.
Lee, 1-800-541-7358
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