NEW ORLEANS, Sept. 23, 2022 /PRNewswire/ — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until October 31, 2022 to file lead plaintiff applications in a securities class action lawsuit against Azure Power Global Limited (“Azure” or the “Company”) ( NYSE: AZRE), if they purchased the Company’s securities between June 15, 2021 and August 26, 2022, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.
Azure investors should visit us at https://claimsfiler.com/cases/nyse-azre/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Azure and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 29, 2022, the Company disclosed that its Chief Executive Officer had resigned, less than two months after his appointment and 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, shares of Azure declined by $4.61 per share, or approximately 44.07%, from $10.46 per share to close at $5.85 on August 29, 2022.
The case is Gilbert v. Azure Power Global Limited, No. 22-cv-7432.
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