Glancy Binkow & Goldberg LLP Announces Investigation of Net 1 UEPS Technologies, Inc.

  Glancy Binkow & Goldberg LLP Announces Investigation of Net 1 UEPS
  Technologies, Inc.

Business Wire

LOS ANGELES -- December 09, 2012

Glancy Binkow & Goldberg LLP announces that it is investigating potential
claims on behalf of purchasers of the securities of Net 1 UEPS Technologies,
Inc. (“Net 1” or the “Company”) (NASDAQ:UEPS) concerning 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

The investigation is focused on the Company’s December 4, 2012 disclosure that
the U.S. Department of Justice, Criminal Division (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

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 Michael
Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East,
Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150,
Toll Free at (888) 773-9224, by e-mail to, or visit
our website at

This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.


Glancy Binkow & Goldberg LLP, Los Angeles, CA
Michael Goldberg
310-201-9150 or 888-773-9224
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