Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against New Energy Systems Group

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 info@rigrodskylong.com, 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.

If you wish to serve as lead plaintiff, you must move the Court no later than April 10, 2012. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

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