This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Harwood Feffer LLP Announces That A Securities Class Action Lawsuit Has Been Filed Against New Energy Systems Group

Stocks in this article: NEWN

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"). 

(Logo: http://photos.prnewswire.com/prnh/20120215/MM54604LOGO)

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:

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,390.52 +195.10 1.13%
S&P 500 0.00 -2.75 -0.14%
NASDAQ 4,630.7410 +64.6030 1.41%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs