|[December 31, 2013]
Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Net 1 UEPS Technologies, Inc.
WILMINGTON, Del. --(Business Wire)--
Rigrodsky & Long, P.A.:
Do you, or did you, own shares of Net 1 UEPS Technologies, Inc.
(NASDAQ GS: UEPS)?
Did you purchase your shares before August 27, 2009, or between
August 27, 2009 and November 27, 2013, inclusive?
Did you lose money in your investment in Net 1 UEPS Technologies,
Do you want to discuss your rights?
& Long, P.A. , including former Special Assistant United States
Attorney, Timothy J. MacFall, announces that a complaint has been filed
in the United States District Court for the Southern District of New
York on behalf of all persons or entities that purchased the common
stock of Net 1 UEPS Technologies, Inc. ("Net 1" or the "Company")
(NASDAQ GS: UEPS)
between August 27, 2009 and November 27, 2013, inclusive (the "Class
Period"), alleging violations of the Securities Exchange Act of 1934
against the Company and certain of its officers (the "Complaint").
If you purchased shares of Net 1 during the Class Period, or purchased
shares prior to the Class Period and still hold Net 1, and wish to
discuss this action or have any questions concerning this notice or your
rights or interests, please contact Timothy
J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825
East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by
e-mail to email@example.com, or
Net 1 is a leading provider of payment solutions and transaction
processing services across multiple industries and in a number of
emerging economies. The Complaint alleges that throughout the Class
Period, defendants made materially false and misleading statements, and
omitted materially adverse facts, about the Company's business,
operations and prospects. Specifically, the Complaint alleges that the
defendants concealed from the investing public that: (i) the Company's
practices to secure contracts in South Africa were in violation of the
Foreign Corrupt Practices Act ("FCPA"); and (ii) as a result of the
above, the Company's financial statements were materially false and
misleading at all relevant times. As a result of defendants' false and
misleading statements, the Company's stock traded at artificially
inflated prices during the Class Period.
According to the Complaint, on December 4, 2012, the Company 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 has "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 [the] South African Social Security Agency ("SASSA") to
provide social welfare and benefits payments."
Then, on November 29, 2013, the Company announced that the South African
Constitutional Court ruled that the tender process followed by the SASSA
in awarding a contract to Net 1's wholly owned subsidiary Cash Paymaster
Services (Proprietary) Limited ("CPS") was constitutionally invalid.
On this news, shares in Net 1 dropped more than 28%, closing at $8.19
per share on November 29, 2013, on unusually heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later
than February 24, 2014. A lead plaintiff is a representative party
acting on behalf of other class members in directing the litigation. In
order to be appointed lead plaintiff, the Court must determine that the
class member's claim is typical of the claims of other class members,
and that the class member will adequately represent the class. Your
ability to share in any recovery is not, however, affected by the
decision whether or not to serve as a lead plaintiff. Any member of the
proposed class may move the court to serve as lead plaintiff through
counsel of their choice, or may choose to do nothing and remain an
absent class member.
& Long, P.A. did not file the Complaint in this matter, the
firm, with offices in Wilmington, Delaware and Garden City, New York, regularly
litigates securities class, derivative and direct actions, shareholder
rights litigation and corporate governance litigation, including
claims for breach of fiduciary duty and proxy violations in the Delaware
Court of Chancery and in state and federal courts throughout the United
Attorney advertising. Prior results do not guarantee a similar outcome.
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