BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that it is investigating potential claims on behalf of shareholders of Net 1 UEPS Technologies, Inc. (“Net 1” or the “Company”) (NASDAQ:UEPS). The investigation concerns 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.
On December 4, 2012 the Company filed a Form 8-K with the Securities and Exchange Commission (the “SEC”) disclosing that on November 30, 2012 Net 1 received a letter from the U.S. Department of Justice, Criminal Division (the “DOJ”), informing the Company that 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.