Wednesday, 31 August 2022 09:30 AM
Lawsuits
PHILADELPHIA, PA / ACCESSWIRE / August 31, 2022 / Barrack, Rodos & Bacine (BR&B) announces that a securities class action complaint has been filed against Azure Power Global Ltd. ("Azure") (NYSE:AZRE) in the United States District Court for the Southern District of New York. A lead plaintiff deadline of October 31, 2022, has been established. If you purchased shares of Azure between June 15, 2021 and August 26, 2022 (inclusive), you are encouraged to contact BR&B regarding your losses and the possibility of requesting appointment as lead plaintiff in this case.
On August 29, 2022, Azure issued a press release announcing the departure of its CEOless 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 noted that the company had "identified evidence of manipulation of project data and information by certain employees." The company also reported that "an Audit Committee, with the assistance of legal counsel and forensic accounting support," was investigating these matters, and that Azure would report its findings to the appropriate authorities.
The disclosures in this press release sent the price of Azure's stock down by $4.61 per share, or over 44%.
Investors in Azure who purchased shares during the class period may be eligible to seek appointment as the lead plaintiff, a court-appointed role. If you have sustained losses you are encouraged to discuss your rights by contacting Mark R. Stein, Director of Investigations at Barrack, Rodos & Bacine, at the toll-free number 877-386-3304, or via email at [email protected].
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