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

And all accidences I said it might hapen there have been happened since I...

(Sly A-k on September 19, 2014 18:07)

Don't forget to leave room for a mosque, eh. ; )

(Alex DeGre?t on September 18, 2014 22:31)

Seriously... How about hospitals pay patients for not providing diagnosis on...

(Alex DeGre?t on September 18, 2014 16:17)

Lel

(Chris Brooks on September 18, 2014 15:43)

?We have more than twice as many poor per capita and almost three times as...

(Bill Jones on September 18, 2014 06:37)

Face it, the Danish Listeria pølser as a culinary contribution to the EU was...

(Bill Jones on September 18, 2014 06:29)

Ray, maybe a look at the definition of "conspiracy" is in order, which in...

(Bill Jones on September 18, 2014 06:07)

How do you enroll in the trial???

(Anette Kreipke on September 17, 2014 23:09)

(November 30, -1 00:00)

High speed network they say

(Nejc Bukovac on September 17, 2014 16:01)