Rigrodsky & Long, P.A. announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons and entities that purchased the common stock of New Energy Systems Group (“New Energy” or the “Company”) (AMEX: NEWN) between April 15, 2010 and November 14, 2011, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 (the “Complaint”) against the Company and certain of its officers and/or directors.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Scott J. Farrell, Esquire of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, New York 11530 at (888) 969-4242, by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/investigations/new-energy-systems-group-newn
New Energy Systems Group is a manufacturer and distributor of lithium ion batteries and backup power systems for mobile phones, laptops, digital cameras, MP3s and a variety of other portable electronics. The Complaint alleges that during the Class Period, New Energy and certain of the Company’s directors and/or officers made materially false and misleading statements concerning its business and prospects. Specifically, it is alleged that defendants made materially false and misleading statements, or failed to disclose: the true nature of the Company’s customer base its and expectation for future orders from its “loyal customers”; that the Company’s products were not sought after in the marketplace; counterfeit products were having a material adverse effect of on the Company’s business; and that increased competition had resulted in a permanent sales slowdown.
When the truth emerged, the price of New Energy common stock dropped from a close of $1.81 on November 14, 2011 to $0.93 on November 15, 2011, a drop of almost 49% on unusually heavy trading.