Company name Net 1 UEPS Technologies, Inc.
Stock Symbol UEPS
Status Class Action Complaint Filed

NEW YORK, January 28, 2020–Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of investors that purchased Net 1 UEPS Technologies, Inc. (NASDAQ: UEPS) securities between September 12, 2018  and  November 8, 2018 (the “Class Period”). Investors have until February 3, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

On November 8, 2018, UEPS filed a Form 8-K with the SEC under item 4.02(a) for non-reliance on previously issued financial statements.

On this news, the price of the Company’s stock price declined $2.16, from a closing price of $7.00 per share on November 8, 2018 to a closing price of $4.84 per share on November 9, 2018, a drop of approximately 30 percent.

The complaint, filed on December 5, 2019, 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.

If you purchased Net 1 UEPS securities during the Class Period and suffered a loss, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.

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The submission of this form does not create an attorney-client relationship, nor any obligation on the part of Bragar Eagel & Squire, P.C., or you to file a legal action. Any information you submit will be maintained as confidential. If Bragar Eagel & Squire, P.C., in its sole discretion, believes that you might be an appropriate class representative, Bragar Eagel & Squire, P.C., will contact you to discuss the matter and to determine whether to establish an attorney client relationship.