Vestas Wind Systems, a Danish company with its U.S. headquarters in Portland, Oregon, has been sued by its shareholders in a class action filed in Colorado. The complaint alleges that Vestas knowingly failed to adopt a new accounting standard made effective January 1, 2010, which allowed the company to overstate its revenues for much of 2010. When the downward revision was announced, the company’s stocked dropped 22 percent.
To learn more about this class action, see the complaint.
Categories: Class Actions of Interest