SOURCE: Izard Nobel LLP

March 21, 2011 15:56 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Vestas Wind Systems A/S

WEST HARTFORD, CT--(Marketwire - March 21, 2011) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of Colorado on behalf of purchasers of the securities of Vestas Wind Systems A/S ("Vestas" or the "Company") (PINKSHEETS: VWDRY) (PINKSHEETS: VWSYF) between October 27, 2009 and October 25, 2010, inclusive (the "Class Period"). 

The Complaint charges Vestas and certain of its officers and directors violated federal securities laws. Specifically, defendants failed to disclose: (i) Vestas had improperly accounted for its revenue by failing to timely adopt the International Financial Reporting Interpretations Committee's Interpretation 15, Agreements for the Construction of Real Estate ("IFRIC 15"), a new accounting standard effective January 1, 2010; and (ii) defendants failed to account for the effect of IFRIC 15 in determining Vestas' financial outlook and as a result they lacked a reasonable basis to provide financial guidance for 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 would have to be deferred, causing the Company's securities to fall 22.5%. On October 26, 2010, Vestas admitted that it had failed to adopt IFRIC 15 and as a result its 2010 financial statements would likely require correction. On this news, Vestas' securities fell 10%.

If you are a member of the class, you may, no later than May 19, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/vestas/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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