Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Net 1 UEPS Technologies Inc.

Dec 05, 2012, 08:30 ET from Bronstein, Gewirtz & Grossman, LLC

NEW YORK, Dec. 5, 2012 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Net 1 UEPS Technologies Inc. ("Net 1" or the "Company") (NasdaqGS: UEPS), concerning potential violations of federal securities laws.

On December 4, 2012, Shares of Net 1 fell 58% or $4.62 to close at 3.22 after the company announced that it received a letter from the US Department of Justice, Criminal Division (the"DOJ") on November 30 informing the Company that the DOJ and the FBI are investigating whether the company had made corrupt payments to South African government officials to secure a contract with the South African Social Security Agency ("SASSA").  The alleged payments relate to securing a contract with SASSA to provide social welfare and benefits payments.  The agencies will also investigate if Net 1 violated federal securities laws in connection with statements made in its SEC filings regarding the SASSA contract.  The Company further disclosed that the SEC's Division of Enforcement has advised Net 1 that it is also conducting an investigation of the Company.

If you are aware of any facts relating to this investigation, or purchased shares of UEPS, you can assist this investigation by contacting either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email Those who inquire by e-mail are encouraged to include their mailing address and telephone number. 

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique.  Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients.  In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration.

Contact: Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Eitan Kimelman, 212-697-6484

SOURCE Bronstein, Gewirtz & Grossman, LLC