Net 1 UEPS Technologies Inc (NASDAQ:UEPS) Stockholder Investigation over potential Wrongdoing

PRLog (Press Release) - Jan. 22, 2013 - An investigation on behalf of investors in shares of Net 1 UEPS Technologies Inc (NASDAQ:UEPS) was announced concerning whether certain Net 1 UEPS Technologies officers and directors possibly breached their fiduciary duties in connection with certain statements.

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 concerns whether certain Net 1 UEPS Technologies officers and directors breached their fiduciary duties and caused damage to the company and its shareholders by failing to implement adequate internal controls and by issuing statements regarding Net 1 UEPS Technologies’ business, prospects and operations that were materially false and misleading at the time they were made.

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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