NEW YORK, 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). (Logo: http://photos.prnewswire.com/prnh/20120119/MM38856LOGO ) 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. Request more information now by clicking here: www.faruqilaw.com/NEWNTake Action If you purchased New Energy securities between April 15, 2010 and November 14, 2011 and would like to discuss your legal rights, visit www.faruqilaw.com/NEWN. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding New Energy's conduct to contact the firm, including whistleblowers, former employees, shareholders and others. Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential matter. FARUQI & FARUQI, LLP369 Lexington Avenue, 10th Floor New York, NY 10017Attn: Richard Gonnello, Esq.firstname.lastname@example.orgFrancis McConville, Esq.email@example.comTelephone: (877) 247-4292 or (212) 983-9330 SOURCE Faruqi & Faruqi, LLP
Shares of New Energy Systems Group (AMEX:NEWN) have taken a tremendous swing upward. The stock is trading at $1.69 as of 10:06 a.m. ET, 24.3% above Tuesday's closing price of $1.36. Volume is at 81,960, 0.2 times the daily average of 457,800.
Shares of New Energy Systems Group (AMEX:NEWN) were gapping down Tuesday morning with an open price 10.9% lower than Monday's closing price. The stock closed at $3.40 yesterday and opened today's trading at $3.03.
Shares of New Energy Systems Group (AMEX:NEWN) were gapping down Monday morning with an open price 10% lower than Friday's closing price. The stock closed at $2.60 yesterday and opened today's trading at $2.34.