SAN FRANCISCO, Oct. 22, 2022 (GLOBE NEWSWIRE) — Hagens Berman Urges Azure Power Global Limited AZRE Investors who have suffered significant losses Submit your losses now.
Azure Power Global Limited AZRE Class action lawsuit alleging securities fraud:
The Complaint challenges Defendants’ assertions that Azure and each of its subsidiaries maintain effective internal controls over financial reporting and disclosure.
These statements were allegedly false and misleading because they failed to disclose that: (1) there were procedural irregularities, including deviations from 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, Azure’s internal controls and procedures were not effective; and (4) Azure has received a credible whistleblower complaint alleging such misconduct.
Investors learned the truth on August 29, 2022, when Azure announced that its CEO had resigned after just 2 months in office, that it had received a whistleblower complaint in May 2022 alleging possible irregularities and misconduct by employees in at a subsidiary plant and that Azure, in reviewing the whistleblower’s allegations, discovered deviations from safety and quality standards and found evidence of project data manipulation.
This news caused the price of Azure shares to fall 44% on August 29, 2022.
“We are focused on the investors’ losses and evidence that Azure has concealed its internal control failures,” said Reed Kathrein, the partner at Hagens Berman who led the investigation.
If you have invested in Azure Power and are experiencing significant losses or have knowledge that can assist the Company’s investigations, Click here to discuss your legal rights with Hagens Berman.
Whistleblower: Anyone with nonpublic information about Azure Power should consider their ability to assist in the investigation or use the SEC’s whistleblower program. Under the new program, whistleblowers who provide original information can earn rewards of up to…
