Feb. 21, 2012
/PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at New Energy Systems Group ("New Energy" or the "Company") (AMEX: NEWN).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) New Energy inaccurately depicted itself as possessing a loyal customer base; (2) Company products were of lesser quality than advertised; (3) the Company would not continue to receive substantial orders from its customers; and (4) the battery business would be unprofitable due to deficient battery quality and weak distribution networks.
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If you purchased New Energy securities between
April 15, 2010
November 14, 2011
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. Faruqi & Faruqi, LLP also encourages anyone with information regarding New Energy's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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