A current investor in NYSEAMEX:NEWN filed a lawsuit against certain officers and directors of New Energy Systems Group. over alleged breaches of fiduciary duties and current NEWN stockholders should contact the Shareholders Foundation

San Diego, CA -- (SBWire) -- 05/02/2012 --A current investor in NYSEAMEX:NEWN shares filed a lawsuit against certain current and former directors and officers of New Energy Systems Group. over alleged breaches of fiduciary duties in connection with certain statements.

Investors who are a current long-term stockholders in shares of New Energy Systems Group. (NYSEAMEX:NEWN) have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.

According to the complaint the plaintiff alleges that the defendants mismanagement caused New Energy Systems Group. To lose nearly 90% stock value loss. The plaintiff claims that defendants failed to impose proper internal financial controls and approved financial statements overstating New Energy Systems Group's financial results and future earnings.

The lawsuit against directors over alleged breaches of fiduciary duties follows a lawsuit filed earlier this year against New Energy Systems Group over alleged securities laws violations. The lawsuit against New Energy Systems Group was filed only on behalf of purchasers of the common stock of New Energy Systems Group (NYSEAMEX:NEWN) between April 15, 2010 and November 14, 2011, while the lawsuit against directors was filed by a current stockholder.

The lawsuit against New Energy Systems Group alleges that the company violated the Securities Exchange Act of 1934 by allegedly issuing between April 15, 2010 and November 14, 2011 materially false and misleading statements. Specifically, the plaintiff in that lawsuit says that New Energy Systems Group's filings with the U.S. Securities and Exchange Commission (“SEC”) between April 15, 2010 and November 14, 2011, were allegedly materially false and misleading because they failed to disclose that a significant portion of New Energy Systems Group's battery products were obsolete, that the quality of New Energy Systems Group's battery products had declined, that increased competition and counterfeit battery products were materially cutting into New Energy Systems Group's sales, and that, as a result of the foregoing, New Energy Systems Group's battery business had materially declined and the goodwill associated with the Company's battery business had become worthless.

Share of New Energy Systems Group. (NYSEAMEX:NEWN) fell from over $7 in the end of 2010 to recently $0.50 per share on May 1, 2012.

Those who are current long-term stockholders in shares of New Energy Systems Group. (NYSEAMEX:NEWN), have certain options and should contact the Shareholders Foundation..

Contact:
Shareholders Foundation, Inc.
Jacob Rosenfeld
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com