Net 1 UEPS Technologies Inc (NASDAQ:UEPS) Investor Alert: Investigation

PRLog (Press Release) - Jan. 9, 2013 - An investigation on behalf of investors of Net 1 UEPS Technologies Inc (NASDAQ:UEPS) shares over potential securities laws violations by Net 1 UEPS Technologies Inc and certain of its directors and officers in connection certain financial statements was announced.

If you purchased shares of Net 1 UEPS Technologies Inc (NASDAQ:UEPS), you have certain options and you should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Net 1 UEPS Technologies Inc (NASDAQ:UEPS) concerning whether a series of statements by Net 1 UEPS Technologies regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

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 $390.26 million for the 12 months period that ended on June 30, 2012 and that its Net Income increased over the respective time periods from $2.65 million to $44.65 million.

Shares of Net 1 UEPS Technologies Inc (NASDAQ:UEPS) rose from as low as $5.90 per share in September 2011 to as high as $11.08 per share in February 2012.

Then on December 4, 2012, before the market opened, Net 1 UEPS Technologies Inc disclosed that on November 30, 2012, Net 1 UEPS Technologies Inc received a letter from the U.S. Department of Justice, Criminal Division (the “DOJ”) informing Net 1 UEPS Technologies Inc that the DOJ and the Federal Bureau of Investigation (“FBI”)  have begun an investigation into whether Net 1 UEPS Technologies, Inc. and its subsidiaries, including their officers, directors, employees, and agents (collectively, “Net 1”) and other persons and entities possibly affiliated with Net 1 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 in connection with securing a contract with the South African Social Security Agency to provide social welfare and benefits payments and also engaged in violations of the federal securities laws in connection with statements made by Net 1 in its SEC filings regarding this contract.
Net 1 UEPS Technologies Inc disclosed also that on the same date, it received a letter from the Division of Enforcement of the Securities and Exchange Commission (the “SEC”) advising Net 1 UEPS Technologies Inc that it is also conducting an investigation concerning Net 1 UEPS Technologies Inc.

Shares of Net 1 UEPS Technologies Inc (NASDAQ:UEPS) dropped from $7.84 per share on Dec. 3, 2012, to as low as $3.03 per share on December 4, 2012.

Those who purchased shares of Net 1 UEPS Technologies Inc (NASDAQ:UEPS) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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