Vestas receives Notification in Connection with Claim from 87 Individual Investors

In company announcement No. 34/2013 of 6 August 2013, Vestas Wind Systems A/S (Vestas) disclosed that the company through a law firm acting on behalf of Deminor International SCRL (Deminor) had received a claim for damages. Deminor stated to represent more than 80 investors and estimated the claim to amount to approx DKK 300m (EUR 40m). The claim was directed against Vestas and ten former and present members of the Board of Directors and the Executive Management.

The law firm in question has now filed a claim for an amount of DKK 80m (approx EUR 11m) on behalf of 87 individual claimants. Consequently, this is not a class action law suit, but 87 individual claims for damages grouped in one claim.

At present, Vestas is not mentioned as co-defendant, but is suggested to protect its interests during the law suit. The claim is thus now directed against Bent Erik Carlsen, Ditlev Engel and Henrik Nørremark contrary to the claim nine days ago directed against ten individuals.

The claim is based on the same arguments as those included in the existing class action lawsuit in the USA, ref. company announcement No. 8/2011 of 21 March 2011.

Vestas has reviewed the claim with its advisors, and the company still believes that the claim is without merit.

The matters mentioned in the claim were included in a proposal to carry out a scrutiny submitted at the Annual General Meeting in March this year. The proposal, submitted by Deminor, was not supported by the Annual General Meeting as only 1.5 per cent of the total share capital voted for Deminor’s proposal, ref. company announcement No. 9/2013 of 21 March 2013.

Source: Vestas

For more information on: Vestas