UEPS DEADLINE ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Net 1 UEPS Technologies, Inc. To Contact The Firm
NEW YORK, NY - ( NewMediaWire ) - January 13, 2020 - Faruqi Faruqi, LLP, a leading national securities law firm, reminds investors in Net 1 UEPS Technologies, Inc. (“UEPS” or the “Company”) (NASDAQ:UEPS) of the February 3, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in UEPS stock or options between September 12, 2018 and November 8, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/UEPS. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
CONTACT:FARUQI FARUQI, LLP685 Third Avenue, 26thFloorNew York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased UEPS securities between September 12, 2018 and November 8, 2018 (the “Class Period”). The case, Baldwin v. Net 1 UEPS Technologies, Inc. et al., No. 1:19-cv-11174 was filed on December 5, 2019 and has been assigned to Judge P. Kevin Castel.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose (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.
Specifically, on November 8, 2018, after the market close, UEPS filed a Form 8-K with the SEC under item 4.02(a) for non-reliance on previously issued financial. Therein, UEPS restated their financial statements due in part to the Company’s misclassification of their investment in Cell C Proprietary Limited.
After the announcement, UEPS’s share price fell from $7.00 per share on November 8, 2018 to a closing price of $4.84 on November 9, 2018—a $2.16 or a 30.86% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi Faruqi, LLP also encourages anyone with information regarding Company’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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