NEW YORK, Dec. 06, 2019 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Net 1 UEPS Technologies, Inc. (“Net 1” or the “Company”) (NASDAQ: UEPS) in the United States District Court for the Southern District of New York on behalf of those who purchased or acquired the securities of Net 1 between September 12, 2018 and November 8, 2018, inclusive, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Net 1 investors under the federal securities laws.
The Complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the Company lacked effective internal control over financial reporting; (2) the Company had misclassified its investment in Cell C Proprietary Limited; (3) the Company's financial statements for the fiscal year 2018 were overstating its income; and (4) as a result, UEPS’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the February 3, 2020 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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