The Alexander Firm P.C. Announces Upcoming Lead Plaintiff Deadline in Class Action Lawsuit Against Net1 UEPS Technologies, Inc.

The Alexander Firm P.C., A Professional Law Corporation, announces that investors of Net1 UEPS Technologies, Inc. (“Net1” or the “Company”) (NASDAQ: UEPS) have until February 24, 2014, to move the Court to serve as lead plaintiff in the securities class action lawsuit filed in the United States District Court, Southern District of New York, on behalf of a class (the “Class”) consisting of all persons or entities who purchased or otherwise acquired Net1 securities between August 27, 2009 and November 27, 2013, inclusive (the “Class Period”).

Net1 holds a non-exclusive worldwide license to the Universal Electronic Payment System (“UEPS”) which provides payment solutions and transaction processing services for various industries in South Africa, Korea, Europe and internationally. The Company commercializes the smart card based service through alliances with banks, card services, and retail organizations. The Complaint alleges that throughout the Class Period, the Company and certain of its executive officers issued materially false and misleading statements concerning the Company’s business and operations. Specifically, the Complaint alleges that defendants misrepresented or failed to disclose that the Company’s practices to secure contracts in South Africa were in violation of the Foreign Corrupt Practices Act (“FCPA”) and, as a result, that the Company’s financial statements were materially false and misleading at all relevant times.

On December 4, 2012, Net1 disclosed that the U.S. Department of Justice, Criminal Division, and the Federal Bureau of Investigation, had begun an investigation into whether Net1 and its subsidiaries, including certain of their employees and agents and other possibly affiliated persons and entities, violated provisions of the FCPA and other U.S. federal criminal laws by engaging in a scheme to make corrupt payments to officials of the Government of South Africa. Then, on November 29, 2013, Net1 disclosed that the Constitutional Court of South Africa ruled that the tender process followed by the South African Social Security Agency in awarding a contract to Net1’s wholly owned subsidiary Cash Paymaster Services (Proprietary) Limited was constitutionally invalid.

If you are a member of the Class described above, you have certain rights and have until February 24, 2014, to move for lead plaintiff status. To be a member of the Class you need not take any action at this time or may retain counsel of your choice. If you purchased shares prior to the Class Period and wish to learn more concerning your rights or interests with respect to these matters, please contact Vahn Alexander, Esq., The Alexander Firm P.C., A Professional Law Corporation, 1875 Century Park East, Suite 700, Los Angeles, California 90067, by telephone at [phone], or by email to [e-mail], or visit our website at www.alexanderfirmpc.com. This press release may be considered Attorney Advertising in some jurisdictions.

The Alexander Firm P.C., A Professional Law CorporationVahn Alexander, Esq.(310) [e-mail]