NEW YORK, Jan. 2, 2014 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased Net 1 UEPS Technologies, Inc. ("Net 1" or the "Company") (Nasdaq:UEPS) common stock between August 27, 2009 and November 27, 2013.

For more information, click here: http://zlk.9nl.com/net1-ueps-technologies-ueps.

The complaint alleges that Net 1 misrepresented or failed to disclose that the Company's practices to secure contracts in South Africa were in violation of the Foreign Corrupt Practices Act and, as a result, that the Company's financial statements were materially false and misleading at all relevant times.

On December 4, 2012, Net 1 disclosed that it was under investigation by the U.S. Department of Justice, Criminal Division, and the Federal Bureau of Investigation regarding whether Net 1 and its subsidiaries 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. Then, on November 29, 2013, Net 1 disclosed that the Constitutional Court of South Africa ruled that the tender process followed by the South African Social Security Agency in awarding a contract to Net 1's wholly owned subsidiary Cash Paymaster Services (Proprietary) Limited was constitutionally invalid.

If you suffered a loss in Net 1 you have until February 24, 2014 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/net1-ueps-technologies-ueps.

Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.