Vestas settles US lawsuit

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

June 27th, 2014 6:59 pm| by admin
facebooktwittergoogle_pluspinterestmail

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. 

29
Bits and Pieces
Lund Comedy Festival is back with another strong line-up of stand-up comedi...
The Man From Uncle (flickr.com)
At Cinemas: Mourning Freddy’s Daddy
This week began with sad news for horror fans: Wes Craven, the director of ...
There randy dandys might sell some Vespas, and they might sell some Armani, but they won't sell many tickets
Film Review of ‘The Man From Uncle’
Guy Ritchie – aka ex-Mr Madonna #2 who made his name as the director of L...
Graceland Randers opened in 2011 as a memorial to the rock and roll legend (photo: BKP, Wikipedia)
Elvis Presley’s heirs demanding that Danish Graceland changes its name
Elvis Presley Enterprises (EPE) is suing Henrik Knudsen, the owner of Gra...
The Bestseller Foundation invests in projects creating employment opportunities in agriculture and environmental conservation (photo: iStock)
Danish billionaire creating fund to support African entrepreneurs
Fashion mogul Anders Holch Povlsen has established a new private philanthr...
The new route could become permanent in the future (photo: YBen)
Historic first as Chinese flight lands at Copenhagen
When the Chinese airline Beijing Capital Airlines lands today at Copenhagen...