According to the Complaint, Azure Power Global Limited sells renewable power in India on long-term fixed price contracts. The Company operates approximately 45 utility scale projects.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that there were procedural irregularities, including deviations from safety and quality standards, at one of Azure’s plants; (2) that certain project data was manipulated; (3) that, as a result of the foregoing, the Company’s internal controls and procedures were not effective; (4) that Azure had received a credible whistleblower report alleging such misconduct; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On December 8, 2022, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on February 21, 2023. Lead Plaintiff voluntarily dismissed one of the individual Defendants on February 23. On November 9, Lead Plaintiff filed a second amended Complaint.

On January 10, 2025, the parties notified the Court that they had reached a Settlement following mediation. On January 13, the Court terminated the pending Motion to Dismiss.

On April 11, 2025, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on April 30.