SAN DIEGO & JOHANNESBURG--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP announces that a purchaser of Net 1 UEPS Technologies, Inc. (NASDAQ: UEPS) filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 between September 12, 2018 and November 8, 2018. UEPS provides transaction processing services, financial inclusion products and services, and secure payment technologies.
If you suffered a loss as a result of UEPS' misconduct, click here.
Net 1 UEPS Technologies, Inc. (UEPS) Accused of Misleading Shareholders
According to the complaint, in September 2018, UEPS filed a Form 10-K that provided the Company's fiscal year 2018 financial results and affirmed that the Company's internal control over financial reporting was effective. Then, on November 8, 2018, UEPS filed a Form 8-K with the SEC for non-reliance on previously issued financial statements, stating that "after careful consideration…the Company's consolidated financial statements for the year ended June 30, 2018, included in the Company's Annual Report on Form 10-K for the year ended June 30, 2018, should be restated … [and] should no longer be relied upon." UEPS' Form 8-K revealed that it had misclassified its investment in Cell C Proprietary Limited and consequently, the Company's fiscal year 2018 financial statements had overstated UEPS' income. On this news, UEPS' common stock dropped precipitously by 31% to close at $7.00. The stock has since continued to decline and currently trades at around $3.70.
Net 1 UEPS Technologies, Inc. (UEPS) Shareholders Have Legal Options
Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar outcome.