Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased New Energy Systems Group (“New Energy” or the “Company”) (AMEX: NEWN) stock between April 15, 2010 and November 14, 2011.
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The complaint alleges that during the Class Period, the Company issued materially false and misleading statements in its filings with the SEC. These statements included, among other things: (a) that the Company had a loyal customer base when it did not; (b) that the Company manufactured quality products when it did not; and that (c) the demand for batteries would remain profitable. The complaint further alleges that the Company failed to disclose the adverse effect of counterfeit products on Company sales. As a result of the aforementioned, the Company’s battery business had materially declined and the goodwill associated with the Company’s battery business had become worthless.
If you suffered a loss in New Energy you have until April 10, 2012 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/new-energy-systems-group-newn.Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. Attorney advertising. Prior results do not guarantee similar outcomes.