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Azure Power Global Limited

Case Details

Class Period: June 15, 2021 - August 26, 2022
Date Filed: August 30, 2022
Case Number: 1:22cv07432
Jurisdiction: New York Southern District Court
icon-casetype Case Type: Securities Case
Days Left to
Seek Plaintiff:
36

Case Summary

On August 29, 2022, Azure Power Global Limited 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. The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (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.

Documents
Complaint