Shareholder Alert: Robbins LLP Announces Net 1 UEPS Technologies, Inc. (UEPS) Sued for Misleading Shareholders
11 Dezember 2019 - 12:25AM
Business Wire
Shareholder rights law firm Robbins LLP announces that a
purchaser of Net 1 UEPS Technologies, Inc. (NASDAQ: UEPS) filed a
class action complaint for alleged violations of the Securities
Exchange Act of 1934 between September 12, 2018 and November 8,
2018. UEPS provides transaction processing services, financial
inclusion products and services, and secure payment
technologies.
If you suffered a loss as a result of UEPS' misconduct, click
here.
Net 1 UEPS Technologies, Inc. (UEPS) Accused of Misleading
Shareholders
According to the complaint, in September 2018, UEPS filed a Form
10-K that provided the Company's fiscal year 2018 financial results
and affirmed that the Company's internal control over financial
reporting was effective. Then, on November 8, 2018, UEPS filed a
Form 8-K with the SEC for non-reliance on previously issued
financial statements, stating that "after careful consideration…the
Company's consolidated financial statements for the year ended June
30, 2018, included in the Company's Annual Report on Form 10-K for
the year ended June 30, 2018, should be restated … [and] should no
longer be relied upon." UEPS' Form 8-K revealed that it had
misclassified its investment in Cell C Proprietary Limited and
consequently, the Company's fiscal year 2018 financial statements
had overstated UEPS' income. On this news, UEPS' common stock
dropped precipitously by 31% to close at $7.00. The stock has since
continued to decline and currently trades at around $3.70.
Net 1 UEPS Technologies, Inc. (UEPS) Shareholders Have Legal
Options
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: https://www.businesswire.com/news/home/20191210006074/en/
Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122
lkandinov@robbinsllp.com (619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com
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