NEW YORK, April 15, 2011 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP is investigating claims on behalf of investors of Vestas Wind Systems A/S ("Vestas" or the "Company") during the period from October 27, 2009 – October 25, 2010 (the "Class Period"). Such investors are advised to contact Rachelle R. Boyle at email@example.com or 888-476-6529, ext. 237.
Vestas engages in the development, manufacture, sale, and maintenance of wind technology products. Specifically, the investigation concerns whether the Company improperly accounted for its revenue in violation of International Financial Reporting Interpretation Committee's Interpretation 15, Agreements for the Construction of Real Estate ("IFRIC 15"), a new accounting standard effective January 1, 2010.
On August 17, 2010, Vestas downwardly revised its 2010 financial outlook for revenue and earnings, admitting that hundreds of million of Euros of wind system contracts expected to be recognized in 2010 would have to be deferred. In response to this news, the Company's ADRs and ordinary shares declined 22.5% on August 18, 2010. 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 shares dropped another 10%.
The Pomerantz Firm, with offices in New York, Chicago, and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See .
CONTACT: Rachelle R. Boyle Pomerantz Haudek Grossman & Gross LLP 888-476-6529 (ext. 237) firstname.lastname@example.org