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Awarding Winning Plaintiff Firm Labaton Sucharow Is Investigating Azure Power Global Ltd. – AZRE
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Very Negative)
Tags
Rhea-AI Summary
Labaton Sucharow is investigating Azure Power Global Ltd. (NYSE: AZRE) for potential federal securities law violations. This follows the resignation of Azure's CEO on August 29, 2022, just two months post-appointment. The company announced receiving a whistleblower complaint in May 2022, citing alleged procedural irregularities and misconduct by employees at a subsidiary. A review revealed deviations from safety norms and manipulation of project data. In response to these revelations, Azure's stock price plummeted by 46% during intraday trading on the same day.
Positive
None.
Negative
Resignation of CEO raises concerns about leadership stability.
Whistleblower complaint indicates potential misconduct affecting company operations.
Discovery of safety and quality norm deviations could harm company reputation.
Stock price fell 46% during intraday trading on August 29, 2022, signaling investor panic.
NEW YORK--(BUSINESS WIRE)--
Labaton Sucharow, a nationally ranked and award-winning shareholder rights law firm, announces that it is investigating Azure Power Global Ltd. ("Azure" or the "Company") (NYSE: AZRE) for potential violations of the federal securities laws.
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, Azure’s stock fell as much as 46% during intraday trading on August 29, 2022.
If you currently own stock or options in Azure Power Global Ltd. and suffered a loss, click here to participate.
If you want to receive additional information and protect your investments free of charge, please contact David J. Schwartz using the toll-free number (800) 321-0476 or via email at david@labaton.com.
About the Firm
Labaton Sucharow LLP is one of the world's leading complex litigation firms representing clients in securities, corporate governance and shareholder rights, consumer, and cybersecurity and data privacy litigation, as well as whistleblower representation. Labaton Sucharow has been recognized for its excellence by the courts and peers, and it is consistently ranked in leading industry publications. Offices are located in New York, NY, Wilmington, DE, and Washington, D.C. More information about Labaton Sucharow is available at labaton.com.
