LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP announces that it is investigating potential claims on behalf of purchasers of the securities of Net 1 UEPS Technologies, Inc. (“Net 1” or the “Company”) (NASDAQ:UEPS) concerning possible violations of federal securities laws and/or breaches of fiduciary duties by the Company or its fiduciaries. Net 1 provides payment solutions and transaction processing services for various industries in South Africa, Korea, Europe and internationally.
The investigation is focused on the Company’s December 4, 2012 disclosure that the U.S. Department of Justice, Criminal Division (the “DOJ”), and the Federal Bureau of Investigation have begun an investigation into whether Net 1 and its subsidiaries, including certain of their employees and agents and other possibly affiliated persons and entities, 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. The alleged payments relate to securing a contract with the South African Social Security Agency to provide social welfare and benefits payments.
The DOJ and FBI are also investigating whether Net 1 engaged in violations of the federal securities laws in connection with statements made by the Company in its SEC filings regarding this contract. The Company further disclosed that the SEC’s Division of Enforcement has advised Net 1 that it is also conducting an investigation of the Company.
If you purchased Net 1 shares and still hold those shares, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, by e-mail to email@example.com, or visit our website at http://www.glancylaw.com.
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