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Oklahoma City, OK (December 9, 2019) – On December 5, 2019, a securities class action lawsuit was filed in the United States District Court for the Southern District of New York against Net 1 UEPS Technologies, Inc. (NASDAQ: UEPS). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is September 12, 2018 through November 8, 2018. More specifically, the complaint alleges that UEPS made false and/or misleading statements and/or failed to disclose that: (1) the Company lacked effective internal control over financial reporting; (2) the Company had misclassified its investment in Cell C Proprietary Limited; (3) the Company’s financial statements for the fiscal year 2018 were overstating its income; and (4) as a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times.
On November 8, 2018, UEPS filed a Form 8-K with the Securities and Exchange Commission for non-reliance of previously issued financial statements. On this news, the price of UEPS’s common stock declined $2.16 from a close on November 8, 2018 at $7.00 per share to a close on November 9, 2018 at $4.84 per share.
Plaintiff seeks to recover damages on behalf of all Net 1 UEPS Technologies, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, February 3, 2020 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact: Robin Hester at firstname.lastname@example.org