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Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Azure Power Global Limited securities between June 15, 2021 and August 26, 2022, both dates inclusive (the “Class Period”) have until October 31, 2022 to seek appointment as lead plaintiff. The Azure Power class action lawsuit – captioned Gilbert v. Azure Power Global Limited, No. 22-cv-07432 (S.D.N.Y.) – charges Azure Power and certain of its current and former top executives with violations of the Securities Exchange Act of 1934.
You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions for the Azure Power class action lawsuit must be filed with the court no later than October 31, 2022.
CASE ALLEGATIONS: Azure Power sells renewable power in India on long-term fixed price contracts.
The Azure Power class action lawsuit alleges that defendants failed to disclose that: (i) there were procedural irregularities, including deviations from safety and quality standards, at one of Azure Power’s plants; (ii) certain project data was manipulated; (iii) as a result, Azure Power’s internal controls and procedures were not effective; and (iv) Azure Power had received a credible whistleblower report alleging such misconduct.
On August 29, 2022, Azure Power announced the resignation of its CEO, less than two months after his appointment. Azure Power 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 Azure Power’s review of these allegations, Azure Power “discovered deviations from safety and quality norms” and “also identified evidence of manipulation of project data and information by certain employees.” On this news, Azure Power’s stock price fell by approximately 44%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Azure Power securities during the Class Period to seek appointment as lead plaintiff. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Azure Power class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Azure Power class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Azure Power class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world, and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
Contact:
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, Suite 1900, San Diego, CA 92101
J.C. Sanchez, 800-449-4900
jsanchez@rgrdlaw.com
