Law Offices of Howard G. Smith Announces Investigation of Net 1 UEPS Technologies Inc.

  Law Offices of Howard G. Smith Announces Investigation of Net 1 UEPS
  Technologies Inc.

Business Wire

BENSALEM, Pa. -- December 04, 2012

Law Offices of Howard G. Smith announces that it is investigating potential
claims on behalf of shareholders of Net 1 UEPS Technologies, Inc. (“Net 1” or
the “Company”) (NASDAQ:UEPS). The investigation concerns possible violations
of federal securities laws and/or breaches of fiduciary duties by the Company
or its fiduciaries. Net 1 provides payment solutions and transaction
processing services for various industries in South Africa, Korea, Europe and

On December 4, 2012 the Company filed a Form 8-K with the Securities and
Exchange Commission (the “SEC”) disclosing that on November 30, 2012 Net 1
received a letter from the U.S. Department of Justice, Criminal Division (the
“DOJ”), informing the Company that the DOJ and the Federal Bureau of
Investigation have begun an investigation into whether Net 1 and its
subsidiaries, including certain of their employees and agents and other
possibly affiliated persons and entities, violated provisions of the Foreign
Corrupt Practices Act and other U.S. federal criminal laws by engaging in a
scheme to make corrupt payments to officials of the Government of South
Africa. The alleged payments relate to securing a contract with the South
African Social Security Agency to provide social welfare and benefits
payments. The DOJ and FBI are also investigating whether Net 1 engaged in
violations of the federal securities laws in connection with statements made
by the Company in its SEC filings regarding this 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 purchased Net 1 shares and still hold those shares, if you have
information or would like to learn more about these claims, or if you wish to
discuss these matters or have any questions concerning this announcement or
your rights or interests with respect to these matters, please contact Howard
G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite
112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at
(888) 638-4847, or by email to, or visit our
website at


Law Offices of Howard G. Smith
Howard G. Smith, Esquire
(215) 638-4847
(888) 638-4847
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