Glancy Prongay & Murray LLP Announces Investigation on Behalf of Net 1 UEPS Technologies, Inc. Investors (UEPS)
LOS ANGELES--(BUSINESS WIRE)--Nov 13, 2018--Glancy Prongay & Murray LLP (“GPM”) announces an investigation on behalf of Net 1 UEPS Technologies, Inc. investors (“Net 1 UEPS” or the “Company”) (NASDAQ: UEPS ) concerning the Company and its officers’ possible violations of federal securities laws.
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On November 8, 2018, Net 1 UEPS announced that it will restate its financial statements for the year ended June 30, 2018 due to an accounting error concerning its investment in Cell C Proprietary Ltd. The same day, the Company lowered its guidance for fiscal year 2019 to $0.65 fundamental EPS from prior guidance of $1.05. The reduced guidance was reportedly due to “lower than previously expected EPE [EasyPay Everywhere] base as of September, as well as the resulting impact on [the] financial inclusion businesses, together with lower volumes and higher restructuring costs at IPG [International Payments Group].”
On this news, Net 1 UEPS’s share price fell $2.16 per share, or over 30%, to close at $4.84 per share on November 9, 2018, on unusually heavy trading volume.
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If you purchased Net 1 UEPS securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20181113006169/en/
CONTACT: Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Glancy Prongay & Murray LLP
Copyright Business Wire 2018.
PUB: 11/13/2018 03:56 PM/DISC: 11/13/2018 03:56 PM