The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Net 1 UEPS Technologies, Inc. (NASDAQGS: UEPS) who purchased shares between September 12, 2018 and November 8, 2018. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the Net 1 lawsuit alleges 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.
Shareholders have until February 3, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
To learn more and keep informed, complete this form >