NEW YORK, Feb. 21, 2012
/PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com)
announces that a class action suit was filed in the United States
District Court for the Southern District of New York (Case No. 12-CV-1041) against New
Energy Systems Group ("New Energy" or the "Company") (AMEX: NEWN)
on behalf of all purchasers of New Energy common stock between
April 15, 2010 and November 14, 2011 (the "Class Period").
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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 purchased New Energy common stock during the Class
Period, you may ask the Court to appoint you lead plaintiff for the
class. Moreover, current holders of New Energy common stock
purchased at any time may also have a claim. If you wish to
discuss this matter with us, or have any questions concerning your
rights and interests with regard to this matter, please
contact:
Robert I. Harwood, Esq.
Benjamin Sachs-Michaels
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
(212)935-7400
Email: bsachsmichaels@hfesq.com
Website: http://www.hfesq.com
Harwood Feffer has been
representing individual and institutional investors for many years,
serving as lead counsel in numerous cases in federal and state
courts. Please visit the Harwood Feffer LLP website
(http://www.hfesq.com) for more information about the firm.
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