Azure Power (AZRE) Investor Settlement
Azure 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.
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.
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.
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.
Frequently Asked Questions
All persons who purchased or otherwise acquired publicly traded Azure Power Global equity shares during the period from June 15, 2021, through July 13, 2023, inclusive, and were damaged thereby.
No, if you have purchased securities within the class period, you are eligible to participate.
You can participate in the settlement and retain (or sell) your securities.
The entire process usually takes 4 to 9 months after the claim deadline. But the exact timing depends on the court and settlement administration.
The final payout amount depends on your specific trades and the number of investors participating in the settlement.
If 100% of investors file their claims - the average payout will be $0.57 per share. Although typically only 25% of investors file claims, in this case, the average recovery will be $2.28 per share.
11thestate is an investor recovery company, we help investors to track and collect securities class action settlements. We will:
1. Prepare documents for your payout
2. Audit the claim and make sure you get the maximum possible payout
3. File a claim with the settlement administration
4. Correspond with the settlement administration to resolve emerging issues
5. Deliver payout directly to your brokerage account
There is no upfront cost, but we will deduct 20% of the recovered amount as a commission for our services.