Ryan & Maniskas, LLP (
) has commenced an investigation into potential securities law violations by certain officers of Net 1 Ueps Technologies Inc. (“Net 1” or the “Company”) (NASDAQ: UEPS). The investigation focuses on allegations that certain statements issued by the Company regarding the Company’s business, operations and financial condition were false and misleading.
Net 1 shareholders should contact Richard A. Maniskas, Esquire at 877-316-3218 or at
to learn more about this investigation.
On December 4, 2012, Net 1 announced that on November 30, 2012, it received a letter from the U.S. Department of Justice, Criminal Division, informing Net 1 that the Department of Justice and the Federal Bureau of Investigation have begun an investigation into whether Net 1 and its subsidiaries, including their officers, directors, employees, and agents, 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. The investigation also looked into whether Net 1 engaged in violations of the federal securities laws in connection with statements made by Net 1 in its Securities and Exchange Commission filings regarding that contract. In addition, Net 1 announced that on November 30, 2012, it also received a letter from the Division of Enforcement of the Securities and Exchange Commission advising Net 1 that it is also conducting an investigation of Net 1. On this news, shares of Net 1 dropped 58% down to a December 4, 2012 closing price of 3.22 per share.
If you purchased Net 1 shares and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free: (877) 316-3218 or visit:
. You may also email Mr. Maniskas at
. For more information about class action cases in general, please visit our website:
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.