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TMCNet:  Glancy Binkow & Goldberg Announces Lead Plaintiff Deadline In The Class Action Lawsuit Against Net1 UEPS Technologies, Inc.

[January 03, 2014]

Glancy Binkow & Goldberg Announces Lead Plaintiff Deadline In The Class Action Lawsuit Against Net1 UEPS Technologies, Inc.

LOS ANGELES --(Business Wire)--

Glancy Binkow & Goldberg LLP announces that 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 Period"), have until February 24, 2014, to file a motion to be appointed as lead plaintiff in the shareholder lawsuit filed in the United States District Court for the Southern District of New York.

A COPY OF THE COMPLAINT IS AVAILABLE FROM THE COURT OR FROM GLANCY BINKOW & GOLDBERG LLP. PLEASE CONTACT US AT (212) 682-5340, TOLL-FREE AT (888) 773-9224, OR AT SHAREHOLDERS@GLANCYLAW.COM TO DISCUSS THIS MATTER OR OTHER POTENTIAL CLAIMS IF YOU PURCHASED NET1 STOCK PRIOR TO THE CLASS PERIOD. IF YOU INQUIRE BY EMAIL PLEASE INCLUDE YOUR MAILING ADDRESS, TELEPHONE NMBER AND NUMBER OF SHARES PURCHASED.


Net1 provides payment solutions and transaction processing services for various industries in South Africa, Korea, Europe and internationally. The Complaint alleges that throughout the Class Period the Company and certain of its executive officers issued materially false and misleading statements 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 Net1 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 constitutionally invalid.

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 if you still hold shares of Net1 purchased prior to August 27, 2009, and 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 to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.


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