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Wind Energy Update

24 Mar 2011 10:03:59

Vestas hit by investor lawsuit

Turbine manufacturer Vestas announced today that it has been named as a defendant in a shareholder class action lawsuit filed in the U.S. Federal District Court for the District of Colorado concerning, among other things, a change in accounting policy.

According to the complaint, the plaintiff alleges on behalf of investors who purchased their Vesta Wind Systems P and and Vestas Wind Sys securities between October 27, 2009 and October 25, 2010, that Vestas Wind Systems A/S and certain of its officers and directors violated the Securities Exchange Act of 1934 issuing materially false and misleading statements regarding its financial revenues and earnings, as well as its fiscal year 2010 financial guidance.

The company has reviewed the complaint with its legal and other advisors and maintains that the complaint is "without merit". The company and several individual defendants, including some of its directors and officers, "intend to defend themselves vigorously", Vestas said in a corporate statement.

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