Hagens Berman urges Azure Power Global Limited investors who suffered significant losses to submit your losses.
Class Period: June 15, 2021 – Aug. 26, 2022
Lead Plaintiff Deadline: Oct. 31, 2022
Contact An Attorney Now: AZRE@hbsslaw.com
Azure Power Global Limited Securities Fraud Class Action:
The complaint challenges Defendants’ statements that Azure and each of its subsidiaries maintain effective internal controls over financial reporting and public disclosures.
These statements were allegedly false and misleading in that they omitted 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, Azure’s internal controls and procedures were not effective; and, (4) Azure received a credible whistleblower complaint alleging such misconduct.
Investors learned the truth on Aug. 29, 2022, when Azure announced that its CEO resigned after just 2 months on the job, that it received a whistleblower complaint in May 2022 alleging potential irregularities and misconduct by employees at a subsidiary-owned plant, and that during Azure’s review of the whistleblower’s allegations it discovered deviations from safety and quality norms and found evidence of project data manipulation.
This news sent the price of Azure shares crashing 44% lower on Aug. 29, 2022.
“We’re focused on investors’ losses and proving Azure concealed its internal control deficiencies,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
Whistleblowers: Persons with non-public information regarding Azure Power should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email AZRE@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Reed Kathrein, 844-916-0895