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Newman Ferrara LLP Announces Investigation of Net 1 UEPS Technologies Inc.

  Newman Ferrara LLP Announces Investigation of Net 1 UEPS Technologies Inc.

Business Wire

NEW YORK -- December 05, 2012

Newman Ferrara LLP is conducting an investigation into potential violations of
federal securities laws by Net 1 UEPS Technologies Inc. (“Net 1”) (Nasdaq:
UEPS) and certain of its executive officers and directors.

On December 4, 2012, Net 1 announced that on November 30, 2012, it received a
letter from the U.S. Department of Justice, Criminal Division, informing Net 1
that the Department of Justice and the Federal Bureau of Investigation have
begun an investigation into whether Net 1 and its subsidiaries, including
their officers, directors, employees, and agents, 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 in connection with securing a contract with the South African Social
Security Agency to provide social welfare and benefits payments. The
investigation also looked into whether Net 1 engaged in violations of the
federal securities laws in connection with statements made by Net 1 in its
Securities and Exchange Commission filings regarding that contract. In
addition, Net 1 announced that on November 30, 2012, it also received a letter
from the Division of Enforcement of the Securities and Exchange Commission
advising Net 1 that it is also conducting an investigation of Net 1.

On this news, shares of Net 1 dropped 58% down to a December 4, 2012 closing
price of 3.22 per share.

Shareholders of Net 1 stock are encouraged to contactNewman Ferrara attorney
Roy Shimon at (212) 619-5400 or rshimon@nfllp.com to discuss this
investigation and their rights as Net 1 shareholders.

Whistleblowers: Persons with knowledge that may aid in the investigation of
this matter are encouraged to contact the firm. Under the Dodd-Frank Wall
Street Reform Bill, whistleblowers are protected from employer retaliation and
may be entitled to as much as 30 percent of the recovery if the information
provided leads to a successful action.

Newman Ferrara maintains a multifaceted practice based in New York City with
attorneys specializing in complex commercial and multi-party litigation,
securities fraud and shareholder litigation, consumer protection, civil
rights, and real estate. For more information, please visit the firm website
at www.nfllp.com.

Contact:

Newman Ferrara LLP
Attorney: Roy Shimon, 212-619-5400
rshimon@nfllp.com
 
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