STEVENSON, Md., Jan. 3, 2014 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation 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 purchasers (the "Class") of the securities of Net 1 UEPS Technologies, Inc. (Nasdaq:UEPS) during the period of August 27, 2009 and November 27, 2013 (the "Class Period").
If you have suffered a net loss from investment in UEPS common stock purchased on or after August 27, 2009, and held through any of the revelations of negative information on December 4, 2012 and/or November 29, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than February 24, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company's practices to secure contracts in South Africa were in violation of the Foreign Corrupt Practices Act ("FCPA") and that as a result, the Company's financial statements were materially false and misleading. According to the complaint, following the December 4, 2012 disclosure by the Company that it was under investigation by the U.S. Department of Justice, Criminal Division and the Division of Enforcement of the Securities and Exchange Commission to determine whether the Company has violated the FCPA 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 Africa Social Security Agency ("SASSA") to provide social welfare and benefits payments, and following the Company's November 29, 2013 announcement that the South African Constitutional Court ruled that the tender process followed by SASSA in awarding a contract to UEPS' wholly owned subsidiary Cash Paymaster Services (Proprietary) Limited was constitutionally invalid, the value of Net 1 UEPS Technologies shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.