NEW ORLEANS, Oct. 11, 2022 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, is reminding investors they have until October 31, 2022 Filing of Lead Plaintiff’s Motions in a Securities Class Action Against Azure Power Global Limited (“Azure” or the “Company”) AZREif they purchased the securities of the Company between June 15, 2021 and August 26, 2022 inclusive (the “Class Period”). This lawsuit is pending in the United States District Court for the Southern District of New York.
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Azure investors should visit us at https://claimsfiler.com/cases/nyse-azre/ or call toll free (844) 367-9658. Kahn Swick & Foti, LLC attorneys are available to discuss your legal options.
About the lawsuit
Azure and certain of its executives are accused of failing to disclose material information during the class action period in violation of federal securities laws.
On August 29, 2022, the company announced that its chief executive officer had resigned less than two months after his appointment and that it “received a whistleblower complaint in May 2022 alleging possible procedural irregularities and misconduct by certain employees at a plant that went to one of its subsidiaries.” During the company’s review of these allegations, Azure discovered “deviations from safety and quality standards” and “also identified evidence of manipulation of project data and information by certain employees.”
As a result of this news, Azure shares fell $4.61 per share, or approximately 44.07%, from $10.46 per share to a closing price of $5.85 on August 29, 2022.
The case is Gilbert v Azure Power Global LimitedNo. 22-cv-7432.
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