San Diego, CA -- (ReleaseWire) -- 01/14/2014 -- An investor, who purchased shares of Net 1 UEPS Technologies Inc (NASDAQ:UEPS), filed a lawsuit in the U.S. District Court for Southern District of New York over alleged violations of Federal Securities Laws by Net 1 UEPS Technologies Inc in connection with certain allegedly false and misleading statements made between August 27, 2009 and November 27, 2013.
Investors who purchased shares of Net 1 UEPS Technologies Inc (NASDAQ:UEPS) have certain options and for certain investors are short and strict deadlines running. Deadline: February 21, 2014. NASDAQ:UEPS investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired Net 1 UEPS Technologies Inc (NASDAQ:UEPS) between August 27, 2009 and November 27, 2013, that Net 1 UEPS Technologies Inc and certain of its officers and directors violated the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
More specifically, the plaintiff alleges that defendants made allegedly false and/or misleading statements and/or failed to disclose that Net 1 UEPS Technologies Inc’s practices to secure contracts in South Africa were in violation of the Foreign Corrupt Practices Act ("FCPA"), and that as a result of the above, Net 1 UEPS Technologies Inc's financial statements were materially false and misleading at all relevant times.
Net 1 UEPS Technologies Inc reported that its Total Revenue rose from $343.42 million for the 12 months period that ended on June 30, 2011 to $452.15 million for the 12 months period that tended on June 30, 2013, and that its respective Net Income increased from $2.65 million to $12.98 million.
Shares of Net 1 UEPS Technologies Inc (NASDAQ:UEPS) grew from $5.00 per share in late 2012 to as high as $12.70 per share in August 2013.
Then on December 2, 2013, Net 1 UEPS Technologies Inc announced that the South African Constitutional Court ruled that the tender process followed by the South African Social Security Agency in awarding a contract to Net 1 UEPS Technologies’ wholly owned subsidiary Cash Paymaster Services (Proprietary) Limited was constitutionally invalid.
NASDAQ:UEPS shares declined from $11.53 per share on November 27, 2013, to $7.84 per share on December 9, 2013.
On January 10, 2014, NASDAQ:UEPS shares closed at $8.69 per share.
Those who purchased shares of Net 1 UEPS Technologies Inc have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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