BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming February 3, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Net 1 UEPS Technologies, Inc. (“UEPS” or the “Company”) (NASDAQ: UEPS) securities between September 12, 2018 and November 8, 2018, inclusive (the “Class Period”).
Investors suffering losses on their UEPS investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
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.
If you purchased UEPS securities, you may move the Court no later than February 3, 2020 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you 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 email@example.com, or visit our website at www.howardsmithlaw.com.
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