New York, New york - The Rosen Law Firm, P.A. today announced that a class action lawsuit has been filed on behalf of investors who purchased the shares of New Energy Systems Group (AMEX:NEWN) between April 15, 2010 and November 14, 2011, inclusive (the "Class Period").
The Complaint asserts violations of the federal securities laws against New Energy and its officers and directors for issuing false and misleading information. Specifically, the Complaint alleges that (a) the Company had a loyal customer base when it did not; (b) the Company manufactured quality products when it did not; and (c) the demand for batteries would remain profitable. The Complaint alleges that when this adverse information entered the market the price of New Energy securities dropped, causing investor losses.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.