If you have purchased shares of Net 1 UEPS Technologies Inc (NASDAQ:UEPS), call 1-800-934-2921 right now to protect your rights.
Some of the directors and officers of Net 1 UEPS Technologies, Inc. have been accused of breaking securities laws based on statements these executives made about the company’s finances, and as such an investigation has been launched by our law firm. This investigation is on behalf of investors who purchased Net 1 UEPS Technologies, Inc. (NASDAQ:UEPS) stock.
Complaints have been received from some of the Net 1 UEPS Technologies, Inc. (NASDAQ:UEPS) shareholders who expressed concern over statements the directors and officers made about how the company is running its business, the expected outlook for the company and the company’s business practices. The investors are alleging that the executives made inaccurate and ambiguous statements, and they charged the investigating law firm with determining whether or not this is the case.
According to Net 1 UEPS Technologies, Inc., on June 30, 2011, the company’s total revenue was equal to $343.42 million. On June 30, 2012, the company reported an increase in total revenue that was equal to $390.26 million. The company also reported an increase of its net income during those years. In 2011, net income came to $2.65 million. In 2012, net income rose to $44.65 million.
In September of 2011, Net 1 UEPS Technologies, Inc. (NASDAQ:UEPS) reached a low of $5.90 a share. By February of 2012, the stock price was reported to be $11.08 a share.
Before the market opened on December 4, 2012, Net 1 UEPS Technologies, Inc. made a few announcements. The company stated that it was under investigation by the Department of Justice (DOJ), Criminal Division and the Federal Bureau of Investigations (FBI) for possible violation of the Foreign Corrupt Business Practices Act and other federal violations. Net 1 UEPS Technologies, Inc., its subsidiaries and others associated with the company are involved in the investigation as to whether or not the company arranged to make illegal payments to the South African government for the purpose of winning a contract with the country’s Social Security Agency. Net 1 UEPS Technologies, Inc. is also accused of making deliberately untrue statements concerning the above transaction. The Securities and Exchange Commission (SEC) is conducting its own investigation into this matter, and Net 1 UEPS Technologies, Inc. received notice that this would be occurring the same day it received notice from the DOJ and the FBI about their inquiries.
On December 3, 2012, Net 1 UEPS Technologies, Inc. (NASDAQ:UEPS) stock closed at $7.84 a share. On December 4, 2012 after the announcements, the stock price fell to $3.03 a share.
Own shares of Net 1 UEPS Technologies Inc (NASDAQ:UEPS)? Contact us to protect your rights.
If you have purchased shares of Net 1 UEPS Technologies Inc (NASDAQ:UEPS), complete the form on this page or call attorney Bill Kyros at 1-800-934-2921 right now to protect your rights.