Azure Power Global Limited
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Azure Power Global Limited (“Azure” or the “Company”) (NASDAQ: AZRE) securities from June 15, 2021 through August 26, 2022, both dates inclusive (the “Class Period”). Investors have until October 31, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Azure is an independent solar power producer that designs, constructs, maintains, and operates solar energy projects.
On August 29, 2022, Azure announced the resignation of its Chief Executive Officer, 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 price of Azure shares 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 lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or 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 was manipulated; (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 a reasonable basis.