June 2, 2020 - The case was voluntarily dismissed.

December 5, 2019 - An investor in shares of Net 1 UEPS Technologies, Inc. (NASDAQ: UEPS) filed a lawsuit in the U.S. District Court for the 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 September 12, 2018 and November 8, 2018. South Africa based Net 1 UEPS Technologies, Inc. provides transaction processing services, financial inclusion products and services, and secure payment technologies in South Africa, the Republic of Korea, and internationally. Net 1 UEPS Technologies, Inc. reported that its Total Revenue rose from $610.06 million for the 12 months period that ended on June 30, 2017 to $612.88 millin for the 12 months period that ended on June 30, 2018 and that its Net Income over those time periods declined from $72.95 million to $39.15 million.

On November 8, 2018, Net 1 UEPS Technologies, Inc disclosed that the Company's consolidated financial statements for the year ended June 30, 2018, included in the Company's Annual Report on Form 10-K for the year ended June 30, 2018, should be restated, and that such consolidated financial statements and Deloitte & Touche (South Africa)'s audit report thereon should no longer be relied upon, due to the Company's re-evaluation of the classification of its investment in Cell C Proprietary Limited ( Cell C ). The Company further disclosed that its investment [in Cell C] was incorrectly presented as available-for-sale and the change in its fair value of $25.2 million, net of taxation of $7.3 million, was incorrectly recorded in other comprehensive income for the year ended June 30, 2018. Net 1 UEPS Technologies, Inc explained that it incorrectly used the guidance in ASC 320 Investments-Debt and Equity Securities regarding available-for-sale equity instruments with readily determinable fair values. Cell C's equity securities are not listed on an exchange and therefore there are no sales prices or bid-and-asked quotations that are currently available on a securities exchange, and therefore it did not meet the scope requirements of an equity security under ASC 320. As a result, the investment was incorrectly classified as an available-for-sale equity instrument with the changes in fair value being incorrectly recorded as part of other comprehensive income rather than through earnings. Shares of Net 1 UEPS Technologies, Inc. (NASDAQ: UEPS) declined to as low as $4.43 per share on November 9, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Net 1 UEPS Technologies, Inc. (NASDAQ: UEPS) common shares between September 12, 2018 and November 8, 2018, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between September 12, 2018 and November 8, 2018, the defendants made false and/or misleading statements and/or failed to disclose that the Company lacked effective internal control over financial reporting, that the Company had misclassified its investment in Cell C Proprietary Limited, that the Company's financial statements for the fiscal year 2018 were overstating its income, and that as a result, UEPS’s public statements were materially false and misleading at all relevant times.