Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against New Energy Systems Group
March 01 2012 - 2:40PM
Business Wire
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.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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