LOS ANGELES, Oct. 25, 2022 (GLOBE NEWSWIRE) — The law firm of Portnoy advises Azure Power Global Limited (“Azure” or the “Company”) AZRE Investors that a class action lawsuit has been filed on behalf of investors. Azure investors who have lost money on their investment are encouraged to do so Contact Lesley Portnoy, Esq.

Investors are encouraged to contact an attorney Lesley F Portnoyby phone 844-767-8529 or E-mail: [email protected]to discuss your legal rights, or click here to join the case about www.portnoylaw.com. Portnoy Law Firm can provide a free case assessment and discuss investors’ options for making claims to recover their losses.

On August 29, 2022, less than two months after his appointment, Azure announced the resignation of its chief executive officer. 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 price of Azure shares fell $4.61 per share, or approximately 44.07%, from $10.46 per share to a closing price of $5.85 on August 29, 2022.

The lawsuit alleges that during the Class Period, the defendants made false and/or misleading statements and/or failed to disclose the following: (1) there were procedural irregularities, including non-compliance with safety and quality standards, at one of Azure’s plants; (2) certain project data was manipulated; (3) as a result of the foregoing, the Company’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, Defendants’ positive comments about the Company’s business, operations and prospects were material…