SAN FRANCISCO, Aug. 30, 2022 (GLOBE NEWSWIRE) -- Hagens Berman urges Azure Power Global Limited (NYSE: AZRE) investors who suffered significant losses to submit your losses now.
Visit: www.hbsslaw.com/investor-fraud/AZRE
Contact An Attorney Now: AZRE@hbsslaw.com
844-916-0895
Azure Power Global Limited (NYSE: AZRE) Investigation:
The investigation focuses on Azure’s past claims regarding its compliance with safety and quality norms and the propriety of its reported financial performance.
Azure’s claims have come under question beginning on Aug. 1, 2022, when the company announced it was unable to timely file its annual report for the fiscal year ended Mar. 31, 2022, because it was analyzing, documenting, and testing its system of internal control.
Then, on Aug. 16, 2022, Azure announced a continued delay in filing its annual report because of its “ongoing review of its internal control and compliance framework.”
Most recently, on Aug. 29, 2022, Azure announced it “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.” The company also revealed that its “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.” Coincident with these revelations, CEO Harsh Shah abruptly resigned after about 2 months on the job.
This news sent the price of Azure shares crashing 44% lower on Aug. 29, 2022.
“We’re focused on investors’ losses and whether Azure cooked its books,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Azure Power and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Azure Power should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email AZRE@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
