AZRE.US
id: 217
Azure Power (AZRE) Investor Settlement
Eligible claimants can submit their claims for compensation.
$23,000,000
Cash SettlementS.D. New York
Court1:22-cv-07432
Case number06/15/2021
Class period Start07/13/2023
Class period End08/29/2025
Claim deadlineAzure Power agreed to a settlement with $AZRE investors to resolve claims of falsified project data, safety violations, and quality control failures.
Overview
In August 2022, Azure Power revealed serious misconduct at a subsidiary, including falsified project timelines, incomplete safety inspections, and quality control violations. These disclosures, which followed a whistleblower complaint, caused a 44% drop in $AZRE, erasing $300M in market capitalization. After that, investors filed a lawsuit against Azure Power, claiming the company misled them about its operational and compliance failures.
Timeline
- May 2022: Azure received a whistleblower complaint alleging misconduct at a subsidiary plant.
- August 29, 2022: Azure revealed findings of data manipulation and safety breaches; $AZRE fell 44%.
- August 30, 2022: Investors filed a lawsuit over the alleged misconduct.
- January 2025: Azure Power agreed to a settlement with investors to resolve all claims.
Background
In May 2022, a whistleblower reported serious irregularities at one of Azure Power’s subsidiary plants.
An internal investigation led by Azure’s Audit Committee revealed falsified project timelines, incomplete safety inspections, and violations of quality control protocols.
On August 29, 2022, Azure disclosed the findings publicly, confirming widespread compliance failures.
$AZRE immediately dropped 44%, erasing $300 million in market value.
The following day, investors filed a lawsuit, alleging that Azure had misrepresented its internal controls.
What Can Investors Expect Now?
Azure Power has reached a settlement with $AZRE investors to address claims of falsified project data, safety violations, and quality control failures.
If you were damaged due to this situation, you can file for a payout and get your share of the settlement. You can check if you are eligible and other details in the FAQ section below.
Case Type
US Securities Class Action
Case Status
Accepting Claims
Alleged Offence
Mismanagement,
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Negligence,
Omissions
Suspected Party
Directors,
Management,
Service Provider
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.57
Filing date
08/30/2022
Plaintiffs
SERAP LOKMAN
Attorneys
Levi & Korsinsky, LLP (Stamford, CT)
Defendants
RANJIT GUPTA; MURALI SUBRAMANIAN; PAWAN KUMAR AGRAWAL
Judge
Gregory H. Woods
Administrator
Angeion
Court hearing date
09/05/2025
Exclusion deadline
08/15/2025
Objection deadline
08/15/2025
Attorney fee
$7,816,667
Class wide damages
$116,200,000
Trades matching type
FIFO
Frequently Asked Questions
Who is eligible for this settlement?
Do I have to sell securities to be eligible?
How long does the payout process take?
How much will my payment be?
What is 11th Estate?