TAKE A LOOK AT WHICH REPORT YOUR PORTFOLIO'S BEEN MISSING...

Shareholders Foundation offers real-time reporting of class action exposure on a per transaction basis,
including the documents you will need for claim filing and settlement recovery.
Start Monitoring Your Investments

Net 1 UEPS Technologies Inc (NASDAQ: UEPS) InvestorSecurities Class Action Lawsuit 12/26/2013

  • If you purchased shares of Net 1 UEPS Technologies Inc (NASDAQ: UEPS), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
Net 1 UEPS Technologies Inc
Security
NASDAQ: UEPS

Case Name
Net 1 UEPS Technologies Shareholder Class Action Lawsuit 12/26/2013
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
You must register or login to receive notifications.

Click here to subscribe to Net 1 UEPS Technologies Inc.
Summary

September 16, 2015 - The court granted defendants motion to dismiss with leave to amend.
September 22, 2014 - The lead plaintiff filed an amended complaint on behalf of investors who purchased UEPS Technologies Inc (NASDAQ: UEPS) common shares between January 18, 2012 and December 4, 2012. The lead plaintiff allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between January 18, 2012 and December 4, 2012.

July 23, 2014 - The lead plaintiff and lead counsel were appointed.

February 24, 2014 - Lead plaintiff motions were filed.

December 26, 2013 - An investor in shares of Net 1 UEPS Technologies Inc (NASDAQ: UEPS) filed a lawsuit in the U.S. District Court for Southern District of New York against Net 1 UEPS Technologies Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between August 27, 2009 and November 27, 2013.

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 Inc’s wholly owned subsidiary Cash Paymaster Services (Proprietary) Limited was constitutionally invalid.

Net 1 UEPS Technologies Inc (NASDAQ:UEPS) shares declined from $11.53 per share on November 27, 2013, to $7.84 per share on December 9, 2013.