Have you lost money investing in Azure Power Global Limited? If yes, please visit us Class Action by Shareholders of Azure Power Global Limited or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights.
NEW YORK, Oct. 11, 2022 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP, a nationally recognized investor rights law firm, is reminding investors of the deadline for filing a motion by lead plaintiff in a securities class action lawsuit filed on behalf of investors holding the securities of bought or acquired Azure Power Global Limited (“Azure” or the “Company”) AZRE in between June 15, 2021 and August 26, 2022, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Southern District of New York alleging violations of the Securities Exchange Act of 1934.
Azure sells renewable energy in India under long-term, fixed-price contracts. The Company operates approximately 45 utility-scale projects.
Plaintiff alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and compliance policies. In particular, the Defendants allegedly provided false and/or misleading information and/or failed to disclose the following: (1) there were procedural irregularities, including deviations from security and quality standards, at one of Azure’s plants; (2) certain project data was manipulated; (3) as a result of the foregoing, the Company’s internal controls and procedures were not effective; and (4) Azure had received a credible whistleblower report alleging such misconduct.
On August 29, 2022, Azure announced the resignation of its CEO, less than two months after his appointment. The company also announced that it “received a whistleblower complaint in May 2022 alleging potential procedural irregularities and misconduct by certain employees at a facility of one of its subsidiaries.” During the Company’s review of these allegations, Azure…
