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").
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:
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