CPH Post

International

Vestas settles US lawsuit

Danish wind-energy giant reaches $5 million settlement regarding false reporting allegations


Vestas can now leave the allegations behind and gets back to business (Photo: Scanpix)

June 27, 2014
18:59

by Lawrence Shanahan


Danish wind turbine manufacturer Vestas has reached a settlement regarding a 2011 lawsuit filed by US shareholders relating to false reporting and share price inflation.  

It was alleged that Vestas’s share price was “inflated during the class period due to purported misstatements and omissions in relation to the company's accounting for supply-and-installation contracts”, according to the Wall Street Journal.

Vestas settled at $5 million – about 27.5 million kroner – though Vestas won’t actually be paying for it, its insurers will.  

Vestas reportedly denies all allegations of false reporting, claiming it has not done anything unlawful and should not be held liable.

“Nonetheless, it would be desirable to complete the trial, thus putting an end to the significant costs, burdens and uncertainties associated with continued litigation in the United States,” Vestas chairman Bert Nordberg said in a statement.

Vestas, the largest wind turbine company in the world, wants to leave the matter behind and return to business as usual.

"We look forward to putting this matter behind us so that we can continue our focus on operating the business for the benefit of our customers and our owners," Nordberg said. 



Related stories



Latest Comments

Is he convicted of any crime?

(Cliff Arroyo on November 27, 2014 19:11)

Wow, hurrah for stone-age wood chopping.

(Zara Bieler on November 27, 2014 18:54)

The worst thing i've ever seen

(Daniel van der Noon on November 27, 2014 13:14)

Only 14% more?

(Jens Rost on November 27, 2014 01:44)

I don't like the idea of the government taking on the job of "protecting"...

(Jenni Silberstein on November 27, 2014 01:20)

"the belief that most other cultures are lesser is widespread. We all have a...

(Lorenzo Luis Albano Farias on November 27, 2014 00:26)

Underpants

(William Harvey on November 26, 2014 19:29)

This must end

(Dyan Kane on November 26, 2014 19:23)

But Ray, surely it is THIS article that we are referring too? Is it really...

(Lars Mathiesen on November 26, 2014 17:04)

"It takes a lot of courage to go against the norm," as Karina Lins writes in...

(Gale Langseth on November 26, 2014 14:12)