Azure Power Global Limited Class Action Lawsuit (AZRE Lawsuit)
What Is The Azure Power Global Limited Class Action Lawsuit About?
Is There an Azure Power Global Ltd. Class Action Lawsuit?
AZRE:NYSE Class Action Lawsuit (Azure Power Global Ltd.) was filed on September 4, 2022 on behalf of shareholders. The lawsuit was filed because 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, on unusually heavy trading volume.
Is There A Deadline For The Azure Power Global Ltd. Lawsuit?
How Much Did Shareholders Lose In Azure Power Global Ltd. Stock?
Shareholders who held Azure Power Global Ltd. securities saw the Company’s stock fell $4.61, or 44%, to close at $5.85 per share on August 29, 2022, on unusually heavy trading volume.
What Is The Azure Power Global Ltd. Lawsuit Complaint?
Levi & Korsinsky, LLP announces that a AZRE class action lawsuit (Azure Power Global Ltd. Class Action Lawsuit) has been filed on behalf of investors who purchased Azure Power Global Limited (AZRE) securities between June 15, 2022 and August 26, 2022. For more on the AZRE Lawsuit please contact us today.
(1) that there were procedural irregularities, including deviations from safety and quality standards, at one of Azure’s plants;
(2) that certain project data was manipulated;
(3) that, as a result of the foregoing, the Company’s internal controls and procedures were not effective;
(4) that Azure had received a credible whistleblower report alleging such misconduct; and
(5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you suffered a loss in Azure Power Global Limited you have until October 31, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Why Levi & Korsinsky, LLP Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.
What Is The Lead Plaintiff Process?
THE LEAD PLAINTIFF PROCESS: According to the Private Securities Reform Act of 1995, any investor who bought or acquired Azure Power Global Limited securities in the Class Period may apply for appointment as a lead plaintiff. The lead plaintiff is usually the movant who has the most financial interest in the relief sought. However, he or she must also be typical or adequate to the putative classes. The Azure Power Global Limited class-action lawsuit is directed by the lead plaintiff. To litigate the Azure Power Global Limited Class Action lawsuit, the lead plaintiff may choose any law firm it wishes. The ability of an investor to share in any future recovery is not tied to being the lead plaintiff in the Azure Power Global Limited Class Action lawsuit.
What Does Azure Power Global Ltd. Do?
Azure Power Global Ltd., together with its subsidiaries, engages in the development, construction, ownership, operation, maintenance, and management of renewable energy projects in India.
It generates solar energy based on long-term contracts with Indian government energy distribution companies, as well as other non-governmental energy distribution companies and commercial customers.
As of March 31, 2021, the company operated 45 utility scale projects with a combined rated capacity of 1,990 MWs. Azure Power Global Limited was founded in 2008 and is based in New Delhi, India.
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