Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Vestas Sinks as Lawsuit Used to Reap Gains: Copenhagen Mover

Don't Miss Out —
Follow us on:

Aug. 7 (Bloomberg) -- Vestas Wind Systems A/S fell to its lowest price in a week in Copenhagen trading as some investors cashed in on recent share gains amid news the turbine maker is facing a lawsuit.

Vestas fell as much as 6 percent to 110 kroner, the lowest since July 31. The stock also traded at that price at 9:13 a.m. local time with volume at 48 percent of the three-month daily average. The drop made the share today’s biggest loser in the Nasdaq OMX Copenhagen 20 index.

Vestas shares have more than tripled in value this year as an inflow of new orders has boosted investor confidence that profits will return at the Aarhus, Denmark-based producer. Vestas said yesterday that Deminor International may claim about 300 million kroner ($53 million) in a lawsuit on behalf of some investors who alleged a change in accounting policy hurt the share price. Vestas denies any wrong-doing.

“After a strong run in the share we foresee that some investors will use this noise around the company to take some profit in the share,” Patrik Setterberg, a Copenhagen-based analyst with Nordea Markets, said today in a note to clients. “We believe Vestas has good arguments in order to win this lawsuit and see the risk of losing this case as limited.”

To contact the reporter on this story: Christian Wienberg in Copenhagen at cwienberg@bloomberg.net

To contact the editor responsible for this story: Tasneem Brogger at tbrogger@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.