Pomerantz LLP, a law firm in the USA, has issued a statement announcing that it is investigating claims on behalf of investors of Naspers Limited (Naspers). The law firm has said that the investigation concerns whether Naspers and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
Pomerantz has a long history of fighting for investors against securities fraud, notable cases that the American law firm has been pursuing and is making great strides with involve Barclays Plc and Petrobras.
"On December 1, 2017, the Company [Naspers] reported that its wholly-owned television unit MultiChoice had initiated an investigation into whether improper payments were made to ANN7, a South African news channel owned by the politically-connected Gupta family. According to local media, citing leaked emails, MultiChoice substantially increased its annual payment to ANN7 from 50 million rand to 141 million rand ($10 million) over the past two years," reads part of the statement issued by Pomerantz.
Coupled with news that MultiChoice also allegedly paid the South African Broadcasting Corporation (SABC) and that Koos Bekker, Naspers Chairperson, allegedly tried to improperly influence the then South African Minister of Communications, Yunus Carrim, with regards to the encryption of set top boxes, the US law firm believes it has a strong case against Naspers. Pomerantz cites that on these news becoming public, Naspers' American Depositary Receipt price fell $3.05, or 5.58%, to close at $51.60 on 1 December 2017, thus leading to losses for investors. Upon revelation of the news Naspers owned MultiChoice said it will initiate a probe into its payments to ANN7, an announcement which Carrim scoffed at highlighting that Naspers cannot investigate itself.
Pomerantz Firm has offices in New York, Chicago, Los Angeles, and Paris and it is among the world's premier law firms in the areas of corporate, securities, and antitrust class litigation.