Vestas facing large US compensation payout

Wind turbine producer stands accused of providing false and misleading information

The Danish wind turbine giant Vestas has reportedly decided to shell out millions of kroner to settle out of court in a case involving a group of unsatisfied US investors.

Henry Rosen, a partner at law firm Robbins Geller Rudman & Dowd  who is one of the eleven lawyers representing the plaintiffs, thinks there is a good chance that the three-year conflict between the wind turbine producer and the angry investors will end in a settlement.

“I am an optimist in terms of something happening in the period leading up to the next status conference in six weeks’ time,” Rosen said according to Jyllands-Posten newspaper.

READ MORE: Vestas proving popular in the United States

Misled shareholders
Exactly how much compensation the plaintiffs are seeking from Vestas has been kept quiet, but Jyllands-Posten reported that they are demanding upwards of 270 million kroner.

The issue between Vestas and the US shareholders flared up in November 2010 when the company changed its accounting methods. This affected the way a 21.6 billion kroner sale was accounted and led to a significant drop in share price.

The Vestas management was subsequently accused of providing false turnover and profit information in 2009 and 2010, thus misleading Vestas stock buyers.

TOP STORIES

  • Minister: “We support bigger internationalization of the Universities – if done right”.

    Minister: “We support bigger internationalization of the Universities – if done right”.

    The Danish higher education system needs internationalization. This goal, however, comes with several obstacles in its path according to the people in charge

  • Six new routes and increased seating with SAS winter program

    Six new routes and increased seating with SAS winter program

    Starting from this upcoming winter, SAS will expand the possible routes departing from Copenhagen Airport with six new destinations. The company will also increase frequencies on existing routes, leading to a total increase of 40% in seat capacity

  • An international’s book becomes a bestseller in Denmark

    An international’s book becomes a bestseller in Denmark

    As his book Quantum Humanitarian quietly reaches readers across Europe — recently ranked as the #1 hot release on Amazon in philanthropy, refugee studies, and conflict response, and a #1 bestseller in its category — Ali Al Mokdad reflects on the disconnect in modern aid work, and the quiet strength of those who lead without being seen

  • “Don’t erase who you are to fit in: STAND OUT—but with substance”

    “Don’t erase who you are to fit in: STAND OUT—but with substance”

    Ambre James-Brown didn’t just move to Denmark for a job —she stepped into a new life chapter, balancing ambition with vulnerability, and career with identity. As Vice President of Global Media & Stakeholder Communication at Novo Nordisk, she’s learned that success isn’t about assimilation. “I like to say I’m Dane-ish. More “ish” than Dane. I’m bringing the best parts of me to blend with the best parts of Denmark,” she explains.

  • Non-EU students consistently graded 0.4 points lower than Danish classmates

    Non-EU students consistently graded 0.4 points lower than Danish classmates

    On average, students with non-EU backgrounds receive 0.4 points lower grades than Danish students. A report from the Rockwool foundation last week revealed that discrimination in primary schools occurs though overall lower GPA depending on factors such as ethnic and social backgrounds, or gender

  • Danish students arethe heaviest drinker in Europe

    Danish students arethe heaviest drinker in Europe

    A newly published European study shows that Danish 9th graders remain the heaviest alcohol consumers among European youth. They not only drink more but also start at a younger age compared to 15–16-year-olds in other countries across the continent

Connect club

Connect Club is your gateway to a vibrant programme of events and an international community in Denmark.

Sign up here

Career

  • An international’s book becomes a bestseller in Denmark

    An international’s book becomes a bestseller in Denmark

    As his book Quantum Humanitarian quietly reaches readers across Europe — recently ranked as the #1 hot release on Amazon in philanthropy, refugee studies, and conflict response, and a #1 bestseller in its category — Ali Al Mokdad reflects on the disconnect in modern aid work, and the quiet strength of those who lead without being seen

  • “Don’t erase who you are to fit in: STAND OUT—but with substance”

    “Don’t erase who you are to fit in: STAND OUT—but with substance”

    Ambre James-Brown didn’t just move to Denmark for a job —she stepped into a new life chapter, balancing ambition with vulnerability, and career with identity. As Vice President of Global Media & Stakeholder Communication at Novo Nordisk, she’s learned that success isn’t about assimilation. “I like to say I’m Dane-ish. More “ish” than Dane. I’m bringing the best parts of me to blend with the best parts of Denmark,” she explains.

  • DRC confirms layoffs (including Copenhagen) and the closure in six countries

    DRC confirms layoffs (including Copenhagen) and the closure in six countries

    The Danish humanitarian powerhouse confirms a total of 2,000 layoffs, some of which will also affect the main headquarters in Copenhagen

Want to advertise your job with CPH Post?

Contact us

Jobs