NEW YORK, Dec. 6, 2012 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of Net 1 Ueps Technologies, Inc. ("Net 1" or the "Company") who purchased Net 1 common stock between January 18, 2012 and December 3, 2012 (the "Class Period"). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 237.
The investigation concerns whether Net 1 and certain of its officers and/or directors have violated the Foreign Corrupt Practices Act and other laws.
Net 1 Ueps Technologies Inc. provides payment solutions and transaction processing services for various industries in South Africa, Korea, Europe, and internationally. It offers universal electronic payment system (UEPS); a smart-card based alternative payment system for the unbanked and under banked populations of developing economies.
On December 4, 2012, the Company announced that it had received a letter on November 30, 2012 from the DOJ that the Federal Bureau of Investigation which states that they have begun an investigation into whether officers, directors, employees, and agents have 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 in connection with securing a contract with the South African Social Security Agency to provide social welfare and benefits payments and also engaged in violations of the federal securities laws in connection with statements made by Net 1 in its SEC filings regarding this contract.
On the news of the DOJ and an SEC investigation the Company's stock price fell by 59% or $4.62 per share to close at $3.22 per share on December 4, 2012.
The Pomerantz Firm, with offices in New York, Chicago, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.