CASES
New Energy Systems Group
Class Period: Apr 15, 2010 to Nov 14, 2011
Lead Plaintiff Deadline: Apr 10, 2012 + Deadline passed
Summary of Case:
A securities class action has been filed against New Energy Systems Group (the "Company") on behalf of purchasers of the common stock of New Energy between April 15, 2010 and November 14, 2011. This case has been filed in the USDC - New York (Southern).
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.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.