| Vestas says US court approves $5 mln settlement in shareholder lawsuit | |
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COPENHAGEN, Dec 10 (Reuters) - Danish wind turbine maker Vestas Wind Systems A/S on Wednesday said a U.S. court has approved a settlement to a class action lawsuit brought by its shareholders. The United States District Court, Portland Division, approved the settlement consisting of a cash payment of $5 million to plaintiffs, paid in entirety by Vestas' insurer, Vestas said in a statement. Vestas, along with some of its directors and officers, was named as a defendant in the lawsuit filed at the United States Federal District Court for the District of Colorado concerning, among other things, a change in accounting policy in March 2011. Plaintiffs had argued that details relating to accounting for supply-and-installation contracts had led to Vestas' share price becoming inflated. The company at the time said the complaint was without merit. In Wednesday's statement, Vestas said management was still of that opinion. The company reached a conditional settlement with lawyers representing the shareholders in June. (Reporting by Ole Mikkelsen)
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Vestas Wind Systems
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CODE : VWS.CO |
ISIN : DK0010268606 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Vestas is a development stage company based in Denmark. |