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Net 1 UEPS Technologies, Inc.

Company NameNet 1 UEPS Technologies, Inc.
Stock SymbolUEPS
Class PeriodSeptember 12, 2018 to November 08, 2018
Lead Plaintiff Motion DeadlineFebruary 03, 2020

On November 8, 2018, after the market close, UEPS disclosed that the Company’s consolidated financial statements for the year ended June 30, 2018 should no longer be relied upon, and indicated that they would be restated. 

On this news, the  Company’s share price fell $2.16 per share, or more than 30%, to close at $4.84 per share on November 9, 2018.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company lacked effective internal control over financial reporting; (2) that the Company had misclassified its investment in Cell C Proprietary Limited; (3) that the Company's financial statements for the fiscal year 2018 were overstating its income; and (4) that, as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.

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