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AZRE.US
id: 217, Created by Stan Vick, Scout
Azure Power Global Ltd
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S.D. New York
CourtOn August 29, 2022, the Company disclosed among other things that " 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. As 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. 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."
On this news, Azur's stock price fell by 44% and the company lost almost $ 300 million of its capitalization, seriously damaging investors.
Alleged Offence
Mismanagement,
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Negligence,
Omissions
Suspected Party
Directors,
Management,
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
29 August 2022