Barrack, Rodos & Bacine (BR&B) Announces That It Is Investigating Azure Power Global Ltd. (AZRE) for Potential Violations of Federal Securities Laws

Rhea-AI Summary

Azure Power Global Ltd. (NYSE:AZRE) announced on August 29, 2022, the departure of its newly appointed CEO, just two months into the role. The company revealed a whistleblower complaint from May regarding alleged misconduct at a subsidiary's plant, including data manipulation by employees. Following these disclosures, Azure's stock price fell by over 41%. Investors are urged to contact Barrack, Rodos & Bacine for information about their legal rights in light of the ongoing investigation into potential violations of federal securities laws.

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• None.

Negative

• Departure of the CEO within two months of appointment.
• Whistleblower complaint alleging misconduct and data manipulation.
• Stock price decline of over 41% following the disclosures.

PHILADELPHIA, PA / ACCESSWIRE / August 29, 2022 / On August 29th, 2022, Azure Power Global Ltd. ("Azure") (NYSE:AZRE) issued a press release announcing the departure of its CEO-less than two months after being appointed to that position. The company also disclosed a whistleblower complaint from this past May. The complaint alleged "potential irregularities and misconduct by certain employees at a plant belonging to one of its subsidiaries." The release also noted that the company had "identified evidence of manipulation of project data and information by certain employees."

The disclosures in this press release sent the price of Azure shares down by over 41%.

If you are an Azure shareholder, you are encouraged to contact Mark Stein, Director of Investigations at Barrack, Rodos & Bacine, at the toll-free number 877-386-3304, or via email at mstein@barrack.com, to learn more about the firm's investigation and your legal rights and options.

Philadelphia-based Barrack, Rodos & Bacine has more than four decades of experience prosecuting securities law class actions, including cases involving accounting fraud and insider trading, and has achieved some of the largest recoveries in the history of securities litigation in the U.S. The firm's largest recoveries on behalf of investors include $6.19 billion for WorldCom investors, $3.32 billion for Cendant investors, $1.05 billion for McKesson investors, and $970.5 million for AIG investors.

SOURCE: Barrack, Rodos & Bacine

View source version on accesswire.com:
https://www.accesswire.com/713914/Barrack-Rodos-Bacine-BRB-Announces-That-It-Is-Investigating-Azure-Power-Global-Ltd-AZRE-for-Potential-Violations-of-Federal-Securities-Laws

FAQ

What happened to Azure Power's CEO in August 2022?

Azure Power announced the departure of its CEO less than two months after the appointment.

What allegations were made against Azure Power employees?

A whistleblower complaint alleged potential irregularities and misconduct by employees at a subsidiary's plant.

How did the recent press release affect Azure Power's stock price?

The disclosures led to a decline of over 41% in Azure Power's stock price.

Who can shareholders contact regarding the investigation into Azure Power?

Shareholders can contact Mark Stein at Barrack, Rodos & Bacine for information on their legal rights.