NEW YORK, Aug. 29, 2022 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Azure Power Global Limited (“Azure Power” or the "Company”) (NYSE: AZRE).
If you are an investor of Azure Power and would like to discuss our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003 or our toll free number 1-800-290-1952.
On August 29, 2022, Azure Power announced the surprise resignation of the Company’s CEO, Harsh Shah, who only joined the Company about two months earlier on July 1, 2022.
On August 29, 2022, the Company also disclosed that it had received a whistleblower complaint in May “alleging potential procedural irregularities and misconduct by certain employees at a plant belonging to one of its subsidiaries.” Further, the Company disclosed that “[a]s part of the Company's review of these allegations, it discovered deviations from safety and quality norms, and it has implemented mechanisms to remediate them and in so doing strengthen safety and quality protocols” and that “Azure's Audit Committee, with the assistance of legal counsel and forensic accounting support, also identified evidence of manipulation of project data and information by certain employees.” Additionally, the Company is implementing immediate remedial measures, and Azure is initiating disclosure of the findings to the appropriate authorities.
Following this news, the price of Azure Power shares plummeted by over 42% in morning trading on August 29, 2022.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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If you have any questions about this investigation, your rights, or your interests, please contact:
Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
