|By Business Wire||
|January 28, 2014 02:45 PM EST||
Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm representing investors, wishes to remind purchasers of Net 1 UEPS Technologies, Inc. (NASDAQ:UEPS) (“UEPS” or “the Company”) stock that the deadline to file for lead plaintiff in a securities class-action lawsuit against the company is Feb. 24, 2014. Investors who suffered significant financial losses related to the case can email [email protected] for more information.
A lawsuit was filed on Dec. 26, 2013, in the U.S. District Court, Southern District of New York, alleging that the company made false or misleading statements to its investors. The suit seeks to represent a class of investors who purchased UEPS stock between Aug. 27, 2009, and Nov. 27, 2013. If you wish to serve as a lead plaintiff in the case, please contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000. Additional information is available at http://hb-securities.com/investigations/UEPS.
Hagens Berman’s investigation centers around claims that UEPS may have violated the Foreign Corrupt Practices Act (FCPA), which makes it illegal to bribe foreign officials to award contracts. On Dec. 4, 2012, UEPS announced that the U.S. Department of Justice (DOJ) was investigating potential violations of the FCPA with regard to a contract awarded by the government of South Africa.
Nearly a year later, on Nov. 29, 2013, the South African Constitutional Court held that the contract was invalid due to an unfair awarding process, and acknowledged concerns that an unfair process may be the result of hidden corruption, stating, “Deviations from fair process may themselves all too often be symptoms of corruption or malfeasance in the process. In other words, an unfair process may betoken a deliberately skewed process.”
Following both events, the price of UEPS stock fell. It traded at class period highs of more than $20.00, but now trades around $8.50.
Hagens Berman is investigating whether UEPS knew it was in violation of the FCPA and South African law, and failed to disclose the potential financial risk to investors.
“The allegations leveled against UEPS are troubling, and if the company is guilty of FCPA violations, it had a duty to disclose the risk to investors early,” said Mr. Kathrein. “Instead, the company vigorously denied these charges, and in light of the South African court’s ruling, we are investigating whether action should be taken to protect investors.”
The deadline for investors to move for lead plaintiff in the case is Feb. 24, 2014.
Persons with non-public information who want to consider their options to help in the investigation or take advantage of the SEC Whistleblower program may contact Reed Kathrein at 510-725-3000 or email the firm at [email protected] for more information. Under the new SEC Whistleblower program, whistleblowers who provide original information to the SEC may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.
Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm with offices in nine cities, including the San Francisco Bay Area. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the law firm and its successes can be found at www.hb-securities.com. The Firm’s Securities Newsletter is at http://www.hb-securities.com/newsletter. The firm’s blog is located at www.meaningfuldisclosure.com.
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