ACCESSWIRE
20 Sep 2022, 15:49 GMT+10
Did you lose money on investments in Azure Power Global Limited? If so, please visitAzure Power Global Limited Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights.
NEW YORK, NY / ACCESSWIRE / September 20, 2022 / Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of Azure Power Global Limited ('Azure' or the 'Company') (NYSE:AZRE) between June 15, 2021 and August 26, 2022, inclusive (the 'Class Period'). The lawsuit was filed in the United States District Court for the Southern District of New York and alleges violations of the Securities Exchange Act of 1934.
Azure sells renewable power in India on long-term fixed price contracts. The Company operates approximately 45 utility scale projects.
Plaintiff alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and compliance policies. Specifically, Defendants allegedly made false and/or misleading statements and/or failed to disclose 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, the Company's internal controls and procedures were not effective; and (4) Azure had received a credible whistleblower report alleging such misconduct.
On August 29, 2022, Azure announced the resignation of its CEO, less than two months after his appointment. The Company 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 Company's 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.'
On this news, the Company's stock fell $4.61, or 44%, to close at $5.85 per share on August 29, 2022.
If you wish to serve as lead plaintiff, you must move the Court no later than October 31, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired AZRE securities, and/or would like to discuss your legal rights and options please visit Azure Power Global Limited Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's 'Plaintiffs' Hot List' thirteen times and listed in The Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2022 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
SOURCE: Bernstein Liebhard LLP
Get a daily dose of Dallas Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Dallas Sun.
More InformationSTRASBOURG, France: The President of the European Parliament, Roberta Metsola, has voiced the legislative body's support for appointing a United ...
MURCIA, Spain: Authorities said a nightclub fire over the weekend in the southeastern Spanish city of Murcia killed 13 people ...
SAN FRANCISCO, California: To resolve a pending litigation with the Oregon affiliate of the International Container Terminal Services Inc (ICTSI), ...
PANAMA CITY, Panama: On September 30, the Panama Canal said that due to a drought that has reduced the supply ...
TRIPOLI, Libya: Italy and Libya resumed commercial flights for the first time in ten years on September 30, with flight ...
SAINT GEORGE, Maine: A fire destroyed several waterfront buildings in Maine on September 29, including an art gallery with several ...
AMSTERDAM, The Netherlands: This week, Dutch competition regulator, the ACM, rejected an appeal by Apple against fines worth €50 million. ...
TOKYO, Japan: Tokyo-based startup Tsubame Industries has developed a four-wheeled robot that resembles the "Mobile Suit Gundam" from the popular ...
ISLAMABAD, Pakistan - According to The News, the federal government is considering selling its stake in the Reko Diq project ...
NEW YORK, NEW YORK - U.S. stocks tumbled on Tuesday as interest rates on 10 and 30-year Treasury yields approached ...
DUBLIN, Ireland: The chief medical officer has issued a stark warning regarding the alarming levels of cannabis consumption in Ireland, ...
OAKLAND, California: As their current contract expires and their unions prepare to strike, Kaiser Permanente workers' representatives said, on September ...