SOURCE: Dyer & Berens LLP

Dyer & Berens LLP

April 11, 2011 12:50 ET

Dyer & Berens LLP Files Class Action Lawsuit on Behalf of Investors Who Purchased Vestas Wind Systems A/S Securities Between 10/27/09 and 10/25/10; Announces Upcoming Investor Deadline (VWSYF / VWDRY)

DENVER, CO--(Marketwire - Apr 11, 2011) - Dyer & Berens LLP (www.DyerBerens.com) today announced that it has filed a class action lawsuit in the United States District Court for the District of Colorado on behalf of investors who purchased Vestas Wind Systems A/S ("Vestas" or the "Company") (PINKSHEETS: VWSYF) (PINKSHEETS: VWDRY) securities between October 27, 2009 and October 25, 2010, inclusive (the "Class Period").

What actions may I take at this time? If you purchased during the Class Period and wish to serve as a lead plaintiff, you must request appointment by the court no later than May 17, 2011. If you would like to discuss this action, the lead plaintiff process, or have any questions concerning this notice, please contact plaintiff's counsel, Jeffrey A. Berens, Esq. at (888) 300-3362 x302 or via email at jeff@dyerberens.com. Any member of the putative class may request a lead plaintiff appointment through counsel of its choice or may choose to do nothing and remain an absent class member.

What are the allegations in the complaint? The complaint alleges that, throughout the Class Period, defendants' public statements were materially false and misleading because they misrepresented the Company's financial performance and outlook. Specifically, defendants: (i) caused Vestas to improperly account for its revenue in violation of International Accounting Standards ("IAS") by failing to timely adopt the International Financial Reporting Interpretations Committee's Interpretation 15, Agreements for the Construction of Real Estate ("IFRIC 15"); and (ii) failed to account for the effect of IFRIC 15 in determining Vestas' financial outlook thereby lacking a reasonable basis to provide financial guidance for the Company's fiscal year 2010. On August 17, 2010, Vestas downwardly revised its 2010 financial outlook for revenue and earnings, admitting that hundreds-of-millions of Euros of wind system contracts expected to be recognized in 2010 -- particularly in the United States -- would have to be deferred. Two months later, on October 26, 2010, before the U.S. markets opened, the Company admitted that it had failed to adopt IFRIC 15, a new accounting standard effective January 1, 2010, and as a result its 2010 financial statements would likely require correction as they were not in compliance with IAS. As a result of defendants' false statements, Vestas' American Depository Receipts (ADRs) and ordinary shares traded at artificially inflated prices throughout the Class Period. Based upon the foregoing, the complaint charges Vestas and certain of the Company's officers and Chairman of the Board with violations of the Securities Exchange Act of 1934.

About Dyer & Berens LLP. The plaintiff is represented by Dyer & Berens LLP, which has expertise in prosecuting investor class actions involving financial fraud. The firm's extensive experience in securities litigation, particularly in cases brought under the Private Securities Litigation Reform Act, has contributed to the recovery of hundreds of millions of dollars for aggrieved investors.

Contact Information

  • Contact:

    Jeffrey A. Berens
    Dyer & Berens LLP
    303 East 17th Avenue, Suite 300
    Denver, CO 80203
    Tel: (888) 300-3362 x302
    Email Contact
    Website: www.DyerBerens.com