US court dismisses case against Net1

Net1 UEPS Technologies says a US court has dismissed the purported securities class action litigation filed in December 2013.

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Johannesburg - JSE-listed Net1 UEPS Technologies said on Friday that the US District Court for the Southern District of New York had dismissed the purported securities class action litigation filed in December 2013 against the company, its chief executive officer and chief financial officer.

The order allows the plaintiff to file a further amended complaint on or before October 16, failing which the action would be dismissed with prejudice.

Net1’s Chairman and Chief Executive Officer Dr Serge Belamant said he believed the court’s decision “confirms our assertion that this case was without any merit”.

The payment solutions and transaction processing services company, which is listed on the JSE and the Nasdaq, appears on Fortune’s 100 fastest-growing companies list for the first time this year.

ANA