Plaintiff Deadline is October 31, 2022
PHILADELPHIA, PA / ACCESSWIRE / September 19, 2022 / Berger Montague informs investors that a securities fraud class action lawsuit has been filed against Azure Power Global Limited ('Azure') (NYSE:AZRE) on behalf of those who purchased Azure securities between June 15, 2021 and August 26, 2022, inclusive (the 'Class Period').
Investor Deadline: Investors who purchased or acquired Azure securities during the Class Period may, no later than October 31, 2022, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at [email protected] or (215) 875-3093, or Andrew Abramowitz at [email protected] or (215) 875-3015 or visit: https://investigations.bergermontague.com/azure-power-global-ltd/
Azure sells renewable power in India on long-term fixed price contracts and operates approximately 45 utility scale projects.
According to the complaint, on August 29, 2022, Azure announced the resignation of its CEO, Harsh Shah, less than two months after his appointment. Azure 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 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.'
Following this news, Azure's stock price fell $4.61, or 44%, to close at $5.85 per share on August 29, 2022.
The complaint alleges that throughout the Class Period, the defendants failed to disclose to investors 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; (4) Azure had received a credible whistleblower report alleging such misconduct; and (5) as a result of the foregoing, the defendants' positive statements about Azure's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Whistleblowers: Anyone with non-public information regarding Azure is encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
James Maro, Senior Counsel
Andrew Abramowitz, Senior Counsel
SOURCE: Berger Montague
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