LOS ANGELES, Sept. 30, 2022 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of what’s to come October 31, 2022 Deadline for filing a motion by lead plaintiff in the class action lawsuit filed on behalf of investors who have purchased or otherwise acquired Azure Power Global Limited (“Azure” or the “Company”) AZRE securities between June 15, 2021 and August 26, 2022inclusive (the “Class Period”).
If you have suffered a loss on your Azure investments or would like to inquire about potential claims to recover your loss under federal securities laws, you may submit your contact information at https://www.glancylaw.com/cases/azure-power-global-limited/. You can also contact GPM’s Charles H. Linehan at 310-201-9150, toll free at 888-773-9224, or email at [email protected] to learn more about your rights.
On August 29, 2022, Azure announced the resignation of its CEO, less than two months after his appointment. The company also announced that it “received a whistleblower complaint in May 2022 alleging potential procedural irregularities and misconduct by certain employees at a facility of one of its subsidiaries.” During the company’s review of these allegations, Azure “discovered deviations from security and quality standards” and “also identified evidence of manipulation of project data and information by certain employees.”
As a result of this news, the company’s stock fell $4.61, or 44%, on unusually high trading volume to close at $5.85 per share on August 29, 2022.
The Complaint filed in this Class Action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations and prospects. Specifically, the defendants failed to disclose to the investors: (1) that there were procedural irregularities at one of Azure’s plants, including deviations from safety and quality standards; (2) that certain project data …
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