Lesaka Technologies (LSAK) Securities Class Action Investigation

Shamis & Gentile P.A., a law firm that advocates for investors who are victims of securities fraud, is investigating potential claims against Lesaka Technologies Inc. (LSAK).

If you purchased or held Lesaka Technologies securities and suffered losses, you may be eligible to join this securities investigation and seek compensation.

About Lesaka Technologies

Lesaka Technologies focuses on digital payment solutions and other financial products, with a significant presence in South Africa’s digital payments market.

Lesaka Technologies has reported substantial revenues from these fintech activities, highlighting its growth and operational momentum in recent quarters. The company has also executed major acquisitions, such as Adumo in October 2024 and Recharger in early 2025, which were partially funded by equity offerings.

Potential Concerns Under Investigation

Lawyers are investigating whether Lesaka Technologies may have made misleading statements or omitted material information in its public financial disclosures for several quarters spanning late 2024 through 2025. The concerns center on the company’s accounting for revenue and cost of goods sold (COGS), specifically whether certain sales were incorrectly classified as agent transactions rather than principal, which would have understated both revenue and COGS in key financial statements.

On September 10, 2025, Lesaka Technologies’ Audit Committee filed an SEC Form 8-K revealing that the unaudited financial statements for Q3 2024, Q4 2024, and Q1 2025 “should be restated” due to this misclassification. The company stated that revenue previously reported as agent sales should have been recorded as principal sales, which would increase both reported revenue and COGS by equal amounts but leave net loss unchanged.

The market reacted immediately to this news. Lesaka Technologies’ stock fell approximately 10.01% on September 11, 2025, following the disclosure of the restatement event. The closing price was about $4.61 on Sept. 11, 2025, so a 10% drop represented a roughly $0.46 per-share loss. With approximately 81.3 million shares outstanding, the market value loss was estimated to be in the range of $37–40 million.

Notably, this decline occurred on a day when major U.S. market indexes were rising, suggesting the drop was specific to Lesaka Technologies and plausibly linked to the restatement news.

Attorneys may examine whether Lesaka Technologies’ prior financial reports and earnings releases contained material misrepresentations. For example, in its Q1 2025 earnings release on Nov. 6, 2024, the company reported “Revenue of ZAR 2.6 billion” and claimed it hit the mid-point of guidance.

However, the Audit Committee later stated that portions of this revenue were misclassified, omitting the full gross sales and related costs. Similar issues were present in Q2 2025 and Q3 2025, where reported revenues were understated due to the same accounting error. In each instance, the company’s SEC filings and press releases omitted any disclosure of the misclassification, which may have rendered financial statements and guidance misleading.

The investigation may further focus on the magnitude of the misclassification, which involved core operations and spanned three full quarters. The Audit Committee’s involvement, along with outside auditor KPMG, suggests that internal controls may have been inadequate.

Your Rights and Next Steps

Investors who purchased or held Lesaka Technologies securities and suffered losses, you may have important legal rights. This is currently an investigation, not a filed lawsuit, but it may lead to a class action seeking recovery for affected shareholders.

Lawyers are ready to help investors understand their options, gather documentation, and determine eligibility for any future class action. Investors can participate in the investigation by submitting information about their transactions and losses. If a class action is filed, eligible investors may be able to recover a portion of their losses.

It is important to act promptly, as securities investigations and any resulting lawsuits are subject to strict time limits. By joining the investigation early, investors can help ensure their interests are represented and that they are kept informed of any developments.

You May Be Entitled to Compensation

If you purchased Lesaka Technologies securities and suffered losses during the proposed class period, you may be eligible to join any potential class action and seek compensation for your losses. Securities investigations are time-sensitive, and acting quickly can help protect your rights.

To participate in the investigation and learn more about your options, complete the form below.