|[January 02, 2014]
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit on Behalf of Investors of Net1 UEPS Technologies, Inc.
LOS ANGELES --(Business Wire)--
Binkow & Goldberg LLP announces that a class action lawsuit has
been filed in the United States District Court for the Southern District
of New York on behalf of a class (the "Class") comprising all purchasers
of the securities of Net1
UEPS Technologies, Inc. ("Net1" or the "Company") (NASDAQ:UEPS)
between August 27, 2009 and November 27, 2013, inclusive (the "Class
A COPY OF THE COMPLAINT
IS AVAILABLE FROM THE COURT OR FROM GLANCY BINKOW & GOLDBERG LLP. PLEASE
CONTACT US TOLL-FREE AT 888-773-9224, OR AT 212-682-5340, OR BY EMAIL TO SHAREHOLDERS@GLANCYLAW.COM
TO DISCUSS THIS MATTER. IF YOU INQUIRE BY EMAIL PLEASE INCLUDE YOUR
MAILING ADDRESS, TELEPHONE NUMBER AND NUMBER OF SHARES PURCHASED.
Net1 provides payment soltions and transaction processing services for
various industries in South Africa, Korea, Europe and internationally.
The Complaint alleges that the Company and certain of its executive
officers issued materially false and misleading statements throughout
the Class Period concerning the Company's business and operations.
Specifically, the Complaint alleges that the defendants 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
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 Net 1 and its subsidiaries, including certain
of their employees and agents and other possibly affiliated persons and
entities, 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. 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
If you are a member of the Class described above, you may move the Court
no later than February 24, 2014, to serve as lead plaintiff; however,
you must meet certain legal requirements. If you wish to learn more
about this action or have any questions concerning this announcement or
your rights or interests with respect to these matters, please contact Michael
Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century
Park East, Suite 2100, Los Angeles, California 90067, Toll-Free at
888-773-9224, or contact Gregory
Linkh, Esquire, of Glancy Binkow & Goldberg LLP at 122 E. 42nd
Street, Suite 2920, New York, New York 10168, at 212-682-5340, by e-mail
or visit our website at http://www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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