Net 1 UEPS Technologies Inc. Securities Litigation
On or around 10/21/2015 (Court's order of dismissal)
Filing Date: December 30, 2013
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”), 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.
Company & Securities Information
Defendant: Net 1 UEPS Technologies Inc.
Industry: Business Services
Ticker Symbol: UEPS
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Daniel Elstein, et al. v. Net 1 UEPS Technologies Inc., et al.