Hagens Berman Reminds Investors of Feb. 24, 2014, Lead Plaintiff Deadline in Net 1 UEPS Technologies Class Action
28 Januar 2014 - 8:45PM
Business Wire
Hagens Berman Sobol Shapiro LLP, a national investor-rights law
firm representing investors, wishes to remind purchasers of Net 1
UEPS Technologies, Inc. (NASDAQ:UEPS) (“UEPS” or “the Company”)
stock that the deadline to file for lead plaintiff in a securities
class-action lawsuit against the company is Feb. 24, 2014.
Investors who suffered significant financial losses related to the
case can email UEPS@hbsslaw.com for more information.
A lawsuit was filed on Dec. 26, 2013, in the U.S. District
Court, Southern District of New York, alleging that the company
made false or misleading statements to its investors. The suit
seeks to represent a class of investors who purchased UEPS stock
between Aug. 27, 2009, and Nov. 27, 2013. If you wish to serve as a
lead plaintiff in the case, please contact Hagens Berman Partner
Reed Kathrein, who is leading the firm’s investigation, by calling
510-725-3000. Additional information is available at
http://hb-securities.com/investigations/UEPS.
Hagens Berman’s investigation centers around claims that UEPS
may have violated the Foreign Corrupt Practices Act (FCPA), which
makes it illegal to bribe foreign officials to award contracts. On
Dec. 4, 2012, UEPS announced that the U.S. Department of Justice
(DOJ) was investigating potential violations of the FCPA with
regard to a contract awarded by the government of South Africa.
Nearly a year later, on Nov. 29, 2013, the South African
Constitutional Court held that the contract was invalid due to an
unfair awarding process, and acknowledged concerns that an unfair
process may be the result of hidden corruption, stating,
“Deviations from fair process may themselves all too often be
symptoms of corruption or malfeasance in the process. In other
words, an unfair process may betoken a deliberately skewed
process.”
Following both events, the price of UEPS stock fell. It traded
at class period highs of more than $20.00, but now trades around
$8.50.
Hagens Berman is investigating whether UEPS knew it was in
violation of the FCPA and South African law, and failed to disclose
the potential financial risk to investors.
“The allegations leveled against UEPS are troubling, and if the
company is guilty of FCPA violations, it had a duty to disclose the
risk to investors early,” said Mr. Kathrein. “Instead, the company
vigorously denied these charges, and in light of the South African
court’s ruling, we are investigating whether action should be taken
to protect investors.”
The deadline for investors to move for lead plaintiff in the
case is Feb. 24, 2014.
Persons with non-public information who want to consider their
options to help in the investigation or take advantage of the SEC
Whistleblower program may contact Reed Kathrein at 510-725-3000 or
email the firm at UEPS@hbsslaw.com for more information. Under the
new SEC Whistleblower program, whistleblowers who provide original
information to the SEC may receive rewards totaling up to 30
percent of any successful recovery made by the SEC.
About Hagens Berman
Hagens Berman Sobol Shapiro LLP is an investor-rights
class-action law firm with offices in nine cities, including the
San Francisco Bay Area. The Firm represents investors,
whistleblowers, workers and consumers in complex litigation. More
about the law firm and its successes can be found at
www.hb-securities.com. The Firm’s Securities Newsletter is at
http://www.hb-securities.com/newsletter. The firm’s blog is located
at www.meaningfuldisclosure.com.
Firmani + AssociatesMark Firmani, 206-443
9357mark@firmani.com
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