Vestas Wind Systems A/S (“Vestas”) is a company based in Denmark, which manufactures, sells, installs and maintains wind turbines. Its shares are listed on the Copenhagen NASDAQ OMX. On 18 August 2010 Vestas issued its first profit warning, followed by several others, causing a significant fall in its stock price. Furthermore, on 26 October 2010, Vestas announced that it would change its accounting practices for certain contracts.
In the wake of an in-depth investigation into these events, Deminor has now come to the conclusion that Vestas had overstated its 2009 net profits and that it issued an unrealistic guidance for its 2010 revenues and profits. The August 2010 profit warning was issued too late and the notice of a change in its accounting practices allowed the company to issue another major profit warning later in 2010.
Deminor has syndicated a group of 87 international institutional investors with the objective of seeking the recovery of losses caused by the company’s misleading communications. On August 16, 2013 we filed a claim against the company’s directors Mr. Ditlev Engel, Mr. Henrik Norremark and Mr. Bent Erik Carlsen on behalf of these investors. The proceedings against the directors are currently still pending.