According to the Complaint, Net 1 UEPS Technologies, Inc. ("UEPS") provides transaction processing services, financial inclusion products and services, and payment and cryptographic technology.

The Complaint alleges that throughout the Class Period, 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 March 25, 2020, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff voluntarily dismissed the case on June 2.