SOURCE: Federman & Sherwood

March 01, 2012 12:22 ET

Federman & Sherwood Announces That a Securities Class Action Lawsuit Has Been Filed Against New Energy Systems Group (NYSE Amex: NEWN)

OKLAHOMA CITY, OK--(Marketwire - Mar 1, 2012) - On February 10, 2012, a class action lawsuit was filed in the United States District Court for the Southern District of New York against New Energy Systems Group (NYSE Amex: NEWN). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is April 15, 2010 through November 14, 2011.

Plaintiff seeks to recover damages on behalf of all New Energy Systems Group shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Tuesday, April 10, 2012 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.

If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact:

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