NEW ORLEANS, Oct. 11, 2022 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder data service, reminds traders that they’ve till October 31, 2022 to file lead plaintiff purposes in a securities class motion lawsuit in opposition to Azure Power Global Limited (“Azure” or the “Company”) (NYSE: AZRE), in the event that they bought the Company’s securities between June 15, 2021 and August 26, 2022, inclusive (the “Class Period”). This motion is pending within the United States District Court for the Southern District of New York.
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Azure traders ought to go to us at https://claimsfiler.com/cases/nyse-azre/ or name toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC can be found to debate your authorized choices.
About the Lawsuit
Azure and sure of its executives are charged with failing to reveal materials data throughout the Class Period, violating federal securities legal guidelines.
On August 29, 2022, the Company disclosed that its Chief Executive Officer had resigned, lower 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 evaluation of those 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 information, shares of Azure declined by $4.61 per share, or roughly 44.07%, from $10.46 per share to shut at $5.85 on August 29, 2022.
The case is Gilbert v. Azure Power Global Limited, No. 22-cv-7432.
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