|[December 05, 2012]
Newman Ferrara LLP Announces Investigation of Net 1 UEPS Technologies Inc.
NEW YORK --(Business Wire)--
Newman Ferrara LLP is conducting an investigation into potential
violations of federal securities laws by Net 1 UEPS Technologies Inc.
("Net 1") (Nasdaq: UEPS) and certain of its executive officers and
On December 4, 2012, Net 1 announced that on November 30, 2012, it
received a letter from the U.S. Department of Justice, Criminal
Division, informing Net 1 that the Department of Justice and the Federal
Bureau of Investigation have begun an investigation into whether Net 1
and its subsidiaries, including their officers, directors, employees,
and agents, 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
to provide social welfare and benefits payments. he investigation also
looked into whether Net 1 engaged in violations of the federal
securities laws in connection with statements made by Net 1 in its
Securities and Exchange Commission filings regarding that contract. In
addition, Net 1 announced that on November 30, 2012, it also received a
letter from the Division of Enforcement of the Securities and Exchange
Commission advising Net 1 that it is also conducting an investigation of
On this news, shares of Net 1 dropped 58% down to a December 4, 2012
closing price of 3.22 per share.
Shareholders of Net 1 stock are encouraged to contact Newman Ferrara
attorney Roy Shimon at (212) 619-5400 or firstname.lastname@example.org
to discuss this investigation and their rights as Net 1 shareholders.
Whistleblowers: Persons with knowledge that may aid in the
investigation of this matter are encouraged to contact the firm. Under
the Dodd-Frank Wall Street Reform Bill, whistleblowers are protected
from employer retaliation and may be entitled to as much as 30 percent
of the recovery if the information provided leads to a successful action.
Newman Ferrara maintains a multifaceted practice based in New York City
with attorneys specializing in complex commercial and multi-party
litigation, securities fraud and shareholder litigation, consumer
protection, civil rights, and real estate. For more information, please
visit the firm website at www.nfllp.com.
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