Gainey & McKenna and the Egleston Law Firm File Class Action Suit Against New Energy Systems Group -- NEWN
February 10 2012 - 6:00PM
Gainey & McKenna and the Egleston Law Firm today announced that
a class action has been commenced on behalf of an investor in the
United States District Court for the Southern District of New York
on behalf of purchasers of 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"), seeking
to pursue remedies under the Securities Exchange Act of 1934 (the
"Exchange Act").
If you wish to serve as lead plaintiff, you must move the Court
no later than 60 days from today. If you wish to discuss this
action or have any questions concerning this notice or your rights
or interests, please contact plaintiff's counsel, Thomas J.
McKenna, Esq. of Gainey & McKenna at (212) 983-1300, or via
e-mail at tjmckenna@gaineyandmckenna.com or Gregory M. Egleston,
Esq. of the Egleston Law Firm at (212) 683-3400, or via e-mail at
egleston@gme-law.com. Any member of the putative 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.
The complaint alleges that, during the Class Period, Defendants
knew, or recklessly disregarded, that the Company's financial
statements during the Class Period contained materially false and
misleading statements because (i) the Company did not have loyal
customers; (ii) the Company did not manufacture quality products;
and (iii) there was no basis for the statements that the Company
would continually receive orders from its customers or that the
battery business will be profitable due to an outstanding battery
quality and the strong distribution network. In addition, the
Company's SEC filings, during the Class Period, were materially
false and misleading because they failed to disclose that a
significant portion of the Company's battery products were
obsolete; that the quality of the Company's battery products had
declined; that increased competition and counterfeit battery
products were materially cutting into the Company's sales; and
that, as a result of the foregoing, the Company's battery business
had materially declined and the goodwill associated with the
Company's battery business had become worthless.
Plaintiff seeks to recover damages on behalf of all purchasers
of New Energy common stock during the Class Period (the "Class").
The plaintiff is represented by Gainey & McKenna and the
Egleston Law Firm (http://www.gme-law.com), whose attorneys have
decades of experience in prosecuting securities class actions and
investor class actions throughout the United States.
CONTACT: Gainey & McKenna
(212) 983-1300
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