The Shareholders Foundation announces that an investor in shares of New Energy Systems Group. (NYSEAMEX:NEWN) filed a lawsuit in the U.S. District Court for the Southern District of New York against New Energy Systems Group over alleged Violations of Federal Securities Laws in connection with certain Financial Statements.
Investors who purchased shares of New Energy Systems Group. (NYSEAMEX:NEWN), have certain options and there are strict and for certain New Energy Systems stockholders there are short deadlines running. Deadline: April 10, 2012. NEWN stockholders should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf purchasers of the common stock of New Energy Systems Group (NYSEAMEX:NEWN) between April 15, 2010 and November 14, 2011, that New Energy Systems Group violated the Securities Exchange Act of 1934. Specifically, the plaintiff alleges that the defendants knew, or recklessly disregarded, that Energy Systems Group’s financial statements between April 15, 2010 and November 14, 2011 contained materially false and misleading statements.
The plaintiff alleges that New Energy Systems Group’s filings with the U.S. Securities and Exchange Commission (“SEC”) between April 15, 2010 and November 14, 2011, were allegedly materially false and misleading because they failed to disclose that a significant portion of New Energy Systems Group’s battery products were obsolete, that the quality of New Energy Systems Group’s battery products had declined, that increased competition and counterfeit battery products were materially cutting into New Energy Systems Group’s sales, and that, as a result of the foregoing, New Energy Systems Group’s battery business had materially declined and the goodwill associated with the Company’s battery business had become worthless.
Share of New Energy Systems Group. (Public, NYSEAMEX:NEWN) rose from $6.65 in August 2010 to as high as $7.73 per share in December 2010. However since then NYSEAMEX:NEWN shares dropped to as low as $0.60 per share in December 2011.
On February 14, 2012, NEWN stocks closed at $0.78 per share.
Those who purchased shares of New Energy Systems Group. (NYSEAMEX:NEWN), have certain options and there are strict and for certain NEWN stockholders are short deadlines running. Deadline: April 10, 2012. NEWN stockholders should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail(at)shareholdersfoundation.com