NET1 UEPS SHAREHOLDERS: The Alexander Firm P.C. Announces it is Investigating Claims for Breach of Fiduciary Duties Concernin...
30 Januar 2014 - 9:45PM
Business Wire
The Alexander Firm P.C., A Professional Law Corporation,
announces that it is investigating claims for breach of fiduciary
duties concerning Net1 UEPS Technologies, Inc. (“Net1” or the
“Company”) (NASDAQ:UEPS).
Net1 holds a non-exclusive worldwide license to the Universal
Electronic Payment System (“UEPS”) which provides payment solutions
and transaction processing services for various industries in South
Africa, Korea, Europe and internationally. The Company
commercializes the smart card based service through alliances with
banks, card services, and retail organizations. The investigation
is related to allegations that the Company and certain of its
executive officers misrepresented or failed to disclose that the
Company’s practices to secure contracts in South Africa were in
violation of the Foreign Corrupt Practices Act (“FCPA”) and, as a
result, that the Company’s financial statements were materially
false and misleading at all relevant times.
On December 4, 2012, Net1 disclosed that the U.S. Department of
Justice, Criminal Division, and the Federal Bureau of
Investigation, had begun an investigation into whether Net1 and its
subsidiaries, including certain of their employees and agents and
other possibly affiliated persons and entities, violated provisions
of the FCPA and other U.S. federal criminal laws by engaging in a
scheme to make corrupt payments to officials of the Government of
South Africa. Then, on November 29, 2013, Net1 disclosed that the
Constitutional Court of South Africa ruled that the tender process
followed by the South African Social Security Agency in awarding a
contract to Net1’s wholly owned subsidiary Cash Paymaster Services
(Proprietary) Limited was constitutionally invalid.
If you purchased shares prior to December 2012, have retained
your shares since that time, and wish to learn more concerning your
rights or interests with respect to these matters, please contact
Vahn Alexander, Esq., The Alexander Firm P.C., A Professional Law
Corporation, 1875 Century Park East, Suite 700, Los Angeles,
California 90067, by telephone at (310) 407-5335, or by email to
info@alexanderfirmpc.com, or visit our website at
www.alexanderfirmpc.com. This press release may be considered
Attorney Advertising in some jurisdictions.
The Alexander Firm P.C., A Professional Law Corporation.Vahn
Alexander, Esq.Telephone: (310)
407-5335info@alexanderfirmpc.comwww.alexanderfirmpc.com
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