NEW YORK, NY / ACCESSWIRE / January 14, 2020 / Pomerantz LLP is investigating claims on behalf of investors of NET 1 UEPS Technologies, Inc. ("NET 1" or the "Company") (NASDAQ:UEPS). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether NET 1 and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On November 8, 2018, Net 1 filed a Form 8‑K with the U.S. Securities and Exchange Commission for non-reliance on previously issued financial statements. Net 1 specifically disclosed that the Company's Audit Committee had concluded "that the Company's consolidated financial statements for the year ended June 30, 2018 included in the Company's Annual Report on Form 10-K for the year ended June 30, 2018 should be restated, and that such consolidated financial statements and Deloitte & Touche (South Africa)'s audit report should no longer be relied upon, due to the Company's re-evaluation of the classification of its investment in Cell C Proprietary Limited."
On this news, Net 1's stock price fell $2.16 per share, or 30.86%, to close at $4.84 per share on November 9, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP