Vestas settles shareholder suit for $5M

DENVER – Danish wind turbine maker Vestas Wind Systems A/S (OMX: VWS) has settled a lawsuit filed by shareholders in federal court in Denver for $5 million in cash.

The settlement resolves the class-action lawsuit filed by U.S. shareholders and is subject to court approval, Vestas said this week. A hearing on a final approval likely will be held by the end of the year or at the beginning of next year.

Plaintiffs in the lawsuit filed in U.S. District Court for the District of Colorado contended that Vestas’ share price was inflated because of alleged misstatements and omissions related to the company’s accounting for supply-and-installation contracts.

The lawsuit, filed in March 2011 by the city of Sterling Heights General Employees’ Retirement System in Michigan, contended that Vestas board members and officers disseminated “materially false and misleading statements… in the company’s financial reports, press releases and during earnings and analyst conference calls.”

Vestas denied the allegations, saying its disclosures to the public “were appropriate at all times.” Vestas, however, believed that resolving the claims would end the substantial expenses, burdens and uncertainties associated with ongoing litigation.

“We look forward to putting this case behind us, which will allow us to continue our focus on the operation of the business to the benefit of our customers and our owners,” Vestas board Chairman Bert Nordberg said in a statement.

The lawsuit was filed on behalf of shareholders who bought Vestas shares between Oct. 27, 2009, and Oct. 25, 2010.

Vestas operates four factories in Colorado, including one in Windsor, two in Brighton and one in Pueblo.


Comments

Advertising
Advertising
Advertising

Assessed Valuations

FacebookTwitterLinkedInE-mail Here’s a question we hear from customers quite often: When will rates go up and what happens when they

Custom Publications

Awards

  • Awards – 02/28/2014

    FacebookTwitterLinkedInE-mail Boulder-based Clean Energy Collective received the Most Innovative Solar Company award from Solar Power Generation USA. Clean Energy develops

  • Awards – 02/14/2014

    FacebookTwitterLinkedInE-mail Lafayette-based The Creative Alliance won an American Package Design Award from GD USA Magazine for packaging designed for its

  • Awards – 01/31/2014

    FacebookTwitterLinkedInE-mail Two University of Colorado-Boulder researchers were among 15 honored week by the National Academy of Sciences for extraordinary scientific

RSS

RSS

RSS

RSS

RSS

Advertising

Social Network

 
Facebook Icon
Twitter Icon
LinkedIn Icon