Law Offices of Howard G.
Smith announces that investors of Net1 UEPS Technologies, Inc.
("Net1" or the "Company") (NASDAQ:UEPS) have until February 24, 2014, to
move the Court to serve as lead plaintiff in the securities fraud class
action lawsuit filed in the United States District Court for the
Southern District of New York on behalf of a class (the "Class")
comprising all persons who purchased the securities of Net1 between
August 27, 2009 and November 27, 2013, inclusive (the "Class Period").
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 secre 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
If you are a member of the Class described above, you have certain
rights and have until February 24, 2014, to move for lead plaintiff
status. To be a member of the Class you need not take any action at this
time or may retain counsel of your choice. If you purchased shares prior
to the Class Period and wish to learn more concerning your rights or
interests with respect to these matters, please contact Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite
112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll
Free at (888) 638-4847, or by email to firstname.lastname@example.org,
or visit our website at http://www.howardsmithlaw.com.
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