NEW YORK, Sept. 12, 2022 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed on behalf of the acquirers of Azure Power in the U.S. District Court for the Southern District of New York Global Limited (“Azure ‘ or the ‘Company’) AZRE Securities from 15 June 2021 to 26 August 2022, both dates inclusive (the “Collection Period”). Investors have until October 31, 2022 to apply to the court to be named lead plaintiff in the lawsuit.
Azure is an independent solar power producer that designs, builds, maintains and operates solar energy projects.
On August 29, 2022, less than two months after his appointment, Azure announced the resignation of its chief executive officer. 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 “discovered deviations from security and quality standards” and “also identified evidence of manipulation of project data and information by certain employees.” As a result of this news, the price of 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 lawsuit alleges that during the Class Period, the defendants made false and/or misleading statements and/or failed to disclose the following: (1) there were procedural irregularities, including non-compliance with safety and quality standards, at one of Azure’s plants; (2) certain project data has been tampered with; (3) as a result of the foregoing, the Company’s internal controls and procedures were not effective; (4) Azure had received a credible whistleblower report alleging such misconduct; and (5) as a result of the foregoing, defendants’ positive statements about the Company’s business, operations and prospects were materially misleading and/or lacked any reasonable basis.
