September 30, 2014 - The court granted the defendants' motion to dismiss.
January 11, 2013 - Defendants filed a motion to dismiss.

October 25, 2012 - The court ordered the transfer of this case from the U.S. District Court for the Southern District of New York (White Plains) to the U.S. District Court for the Southern District of New York (Manhattan).

August 14, 2012 - The lead plaintiff filed an amended consolidated complaint.

May 10, 2012 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

April 10, 2012 - Lead plaintiff motions were filed.

February 10, 2012 - An investor in shares of New Energy Systems Group (NYSEAMEX: NEWN now trading on the OTC sheets as NEWN) filed a lawsuit in the U.S. District Court for the Southern District of New York against New Energy Systems Group over alleged Violations of Federal Securities Laws in connection with certain Financial Statements between April 15, 2010 and November 14, 2011.

According to the complaint the plaintiff alleges on behalf purchasers of the common stock of New Energy Systems Group (NYSEAMEX: NEWN) between April 15, 2010 and November 14, 2011, that New Energy Systems Group violated the Securities Exchange Act of 1934. Specifically, the plaintiff alleges that the defendants knew, or recklessly disregarded, that Energy Systems Group's financial statements between April 15, 2010 and November 14, 2011 contained materially false and misleading statements.

New Energy Systems Group reported that its annual Revenue rose from $2.70 million in 2009 to $94.66 million in 2010 and that its Net Loss of $11.53 million from ’07 turned into a Net Income of $14.32 million in 2010. However, New Energy Systems Group’s third quarter Revenue in 2011 fell from $26.36 million in 2010 to $15.25 million and its third quarter Net Income of $4.27 million in 2010 turned into a third quarter Net Loss in 2011 of $16.85 million.

Further the plaintiff alleges 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) rose from $6.65 in August 2010 to as high as $7.73 per share in December 2010. However since then NYSEAMEX: NEWN shares dropped to as low as $0.60 per share in December 2011.

On February 14, 2012, New Energy Systems Group (NYSEAMEX: NEWN) stocks closed at $0.78 per share.