| Company: | Vestas Wind Systems A/S |
| Ticker Symbol: | VWDRY |
| Class Period: | Oct-27-09 to Oct-25-10 |
| Date Filed: | Mar-21-11 |
| Lead Plaintiff Deadline: | May-20-11 |
| Court: | District of Colorado |
| Allegations: | |
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 acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
