OAKLAND, Calif.--(BUSINESS WIRE)--An Azure Power Global Limited class action lawsuit has been filed on behalf of investors who lost money in Azure (NYSE: AZRE). Shares of Azure Power Global Limited plunged 44% on August 29, 2022, after the company disclosed for the first time that it had received a whistleblower complaint back in May of 2022 alleging “potential procedural irregularities” and “misconduct by certain employees,” while also announcing its CEO was stepping down effective immediately after less than two months. We encourage investors who purchased or acquired Azure shares between June 15, 2021 and August 26, 2022 to contact Gibbs Law Group to discuss your legal rights and options.
To speak with an attorney regarding this class action lawsuit investigation, click here or call (888) 410-2925.
On Monday, August 29, 2022, Azure Power admitted in a press release that it had received a whistleblower complaint back in May of 2022 regarding “potential procedural irregularities” and “misconduct by certain employees” at a plant run by its subsidiary. Azure Power further stated that in reviewing the allegations, the company did indeed discover “deviation from safety and quality norms” as well as “evidence of manipulation of project data and information by certain employees.”
In its press release, Azure Power also said Harsh Shah was stepping down as CEO effective immediately, despite having only assumed the role on July 1, 2022.
Azure Power also reiterated it still was unable to file its annual report for the financial year ending March 31, 2022, after having previously announced its delay on August 12, 2022.
Following this news, Azure Power stock crashed by 44%, closing at $5.85 on August 29, 2022, causing significant harm to investors.
What Should Azure Power Investors Do?
If you invested in Azure Power, visit our website or contact our securities team directly at (888) 410-2925 to discuss how you may be able to recover your losses. Our investigation concerns whether Azure Power has violated federal securities laws.
About Gibbs Law Group
Gibbs Law Group represents individual and institutional investors throughout the country in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and our attorneys have received numerous honors for their work, including “Best Lawyers in America,” “Top Plaintiff Lawyers in California,” “California Lawyer Attorney of the Year,” “Top Class Action Attorneys Under 40,” “Consumer Protection MVP,” and “Top Cybersecurity/ Privacy Attorneys Under 40.”
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