Net 1 UEPS Technologies, Inc.
Lead Plaintiff Deadline: 02/03/2020
SUMMARY OF CASE:
A securities class action has been filed against Net 1 UEPS Technologies, Inc. (UEPS) on behalf of all investors who purchased or otherwise acquired Net 1 securities on the public market between September 12, 2018 through November 8, 2018. This case has been filed in the USDC – S.D.N.Y.
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 SEC for non-reliance on previously issued financial statements. After this news, the price of the Company’s common stock declined $2.16 from a close on November 8, 2018 at $7.00 per share of UEPS common stock, to a close on November 9, 2018 at $4.84 per share of UEPS common stock, a drop of approximately 30.86 percent.