From the Wires
Block & Leviton LLP Investigates Net 1 UEPS Technologies, Inc. and Certain of Its Officers and Directors for Possible Violations of the Federal Securities Laws
By: PR Newswire
Dec. 4, 2012 02:15 PM
BOSTON, Dec. 4, 2012 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors nationwide, is investigating possible securities law violations involving Net 1 UEPS Technologies, Inc. ("Net 1" or the "Company") (NASDAQ: UEPS) following the Company's disclosure of investigations being conducted by the Department of Justice ("DOJ"), Criminal Division, and Securities and Exchange Commission ("SEC") regarding violations of the Foreign Corrupt Practices Act and other laws.
More specifically, 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 "have begun an investigation into whether [the Company] ..., including [its] officers, directors, employees, and agents ... 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." Not surprisingly, the SEC, Division of Enforcement, has also launched an investigation.
News of the DOJ and SEC investigations shocked the market and the Company's stock price fell by more than 55% in mid-day trading. Based on the information to date, it appears that the Company's wrongdoing spanned from January 19, 2012 to December 4, 2012.
Block & Leviton's investigation seeks to determine, among other things, whether Net 1 and its officers and directors have violated the federal securities laws. If you have any information relevant to this investigation, or have questions about your legal rights, please contact Steven P. Harte of Block & Leviton LLP at (617) 398-5600 or email him at Steven@blockesq.com.
Block & Leviton is a Boston-based law firm representing investors for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 50 years.
This notice may constitute attorney advertising.
SOURCE Block & Leviton LLP
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