Azure Power Global Limited (AZRE) Failed to Disclose Procedural Irregularities, Including Deviations from Safety and Quality Standards, at One of its Plants
A shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Azure Power Global Limited (NYSE:AZRE) securities between June 15, 2021 and August 26, 2022, for violations of the Securities Exchange Act of 1934. Azure sells renewable power in India on long-term fixed price contracts.
According to the complaint, on August 29, 2022, Azure announced the resignation of its CEO, less than two months after his appointment. The Company also disclosed that it had “received a whistleblower complaint in May 2022 alleging potential procedural irregularities and misconduct by certain employees at a plant belonging to one of its subsidiaries.” During the Company’s review of these allegations, Azure “discovered deviations from safety and quality norms” and “also identified evidence of manipulation of project data and information by certain employees.”
On this news, the Company’s stock fell $4.61, or 44%, to close at $5.85 per share on August 29, 2022.
Next Steps: If you acquired shares of Azure Power Global Limited between June 15, 2021 and August 26, 2022, you have until October 31, 2022, to ask the court to appoint you lead plaintiff for the class. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
