New Energy Systems Group NEWN Securities Stock Fraud

Company:	New Energy Systems Group
Ticker Symbol:	NEWN
Class Period:	Apr-15-10 to Nov-14-11
Date Filed:	Feb-21-12
Lead Plaintiff Deadline:	Apr-21-12
Court:	Southern District of New York
Allegations:

New York, NY: A securities class action lawsuit has been filed in the United States District Court for the Southern District of New York against New Energy Systems Group ("New Energy" or the "Company") on behalf of all purchasers of New Energy common stock between April 15, 2010 and November 14, 2011 (the "Class Period").

The complaint alleges that during the Class Period, the Company's financial statements contained materially false and misleading statements. These statements included, among other things: (i) that the Company had a loyal customer base when it did not; (ii) the Company manufactured quality products when it did not; and (iii) the Company would continue to receive orders from its customers or that the battery business would be profitable due to outstanding battery quality and a strong distribution network.

Moreover, the Complaint alleges that the Company's SEC filings were materially false and misleading because they failed to disclose that a significant portion of the Company's battery products were obsolete; that the quality of the Company's battery products had declined; increased competition and counterfeit battery products were materially reducing the Company's sales; and as a result, the Company's battery business had materially declined and the goodwill associated with the Company's battery business had become worthless.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

New Energy Systems Group NEWN Securities Fraud Legal Help

If you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible New Energy Systems Group securities class action lawsuit. Please click the link below to submit your complaint for a free evaluation.
Published on Feb-21-12