LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that acquired Net 1 UEPS Technologies, Inc. (“UEPS” or the “Company”) (NASDAQ: UEPS) securities between September 12, 2018 and November 8, 2018, inclusive (the “Class Period”). UEPS investors have until February 3, 2020 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.
On November 8, 2018, after the market close, UEPS disclosed that the Company’s consolidated financial statements for the year ended June 30, 2018 should no longer be relied upon, and indicated that they would be restated.
On this news, the Company’s share price fell $2.16 per share, or more than 30%, to close at $4.84 per share on November 9, 2018.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company lacked effective internal control over financial reporting; (2) that the Company had misclassified its investment in Cell C Proprietary Limited; (3) that the Company's financial statements for the fiscal year 2018 were overstating its income; and (4) that, as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.
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If you purchased UEPS securities during the Class Period, you may move the Court no later than February 3, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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