[January 10, 2014]

Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline In The Class Action Lawsuit Against Net1 UEPS Technologies, Inc.

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 constitutionally invalid.

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 [email protected], or visit our website at http://www.howardsmithlaw.com.

[ Back To TMCnet.com's Homepage ]