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AZRE.US
S.D. New York
Court
On 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
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Created by Stan Vick, Scout

Azure Power Global Ltd

Azure Power Global Limited operates as an independent sustainable energy solutions provider and power producer in India. The company builds and operates grid-scale solar, wind, and hybrid projects;...

    Ticker
    AZRE.US
    ISIN
    MU0527S00004
    Sector
    Utilities
    Industry
    Electrical Utilities & IPPs
    Country
    USA
    Address
    Southern Park, New Delhi, India, 110017