Net 1 UEPS Technologies is a South African financial technology company that is listed on the NASDAQ and Johannesburg Stock Exchange. It has managed South Africa's social grant payment system.

According to a press release, a class action lawsuit on behalf of purchasers of Net 1 UEPS Technologies, Inc. (NASDAQ: UEPS) securities during the period from August 27, 2009 and November 27, 2013, inclusive (the “Class Period”), is seeking to recover damages for violations of the federal securities laws.

According to the suit, Net 1 issued materially false and misleading statements about the Company’s true business and financial condition. In particular, Net 1 failed to disclose or misrepresented that the Company's practices to secure contracts in South Africa were in violation of the Foreign Corrupt Practices Act. The lawsuit asserts that this adverse information caused the price of Net 1’s securities to fall—damaging investors.

On July 23, 2014, the Court issued an Order appointing lead plaintiff and approving lead counsel. Lead Plaintiff filed an amended complaint on September 22.

On September 16, 2015, the Court issued an Order granting Defendant's motion to dismiss. Plaintiffs were given leave to file an amended complaint. Plaintiffs failed to do so, thus this case was dismissed with prejudice on October 21.