Azure Power Settled With Investors Over Falsified Data – How to Claim Your Payout

Court: S.D. New York

Case: 1:22-cv-07432

Azure Power AZREF has agreed to settle $23M with investors to resolve claims that the company misled them by hiding falsified project data, safety violations, and quality control failures. The settlement comes after a whistleblower complaint and internal investigation revealed serious misconduct at a subsidiary plant.

What Really Happened After the Whistleblower Complaint

In May 2022, Azure received a report alleging irregularities at a subsidiary facility. The company’s Audit Committee launched an internal investigation, uncovering falsified project timelines, incomplete safety inspections, and breaches of quality control protocols.

By August of that year, Azure publicly disclosed the findings. And, the revelations wiped out $300 million in market capitalization as $AZRE plunged 44%.

Investors Push Back—and Sue

Soon, investors filed a lawsuit accusing Azure of misrepresenting its operational integrity, internal controls, and compliance systems.

The Deal That Finally Closed the Chapter

Now, after three years of litigation, Azure agreed to settle $23M with all affected investors. The agreement provides compensation for shareholders hurt by this situation.

The deadline to file a claim is August 29, 2025. You can check the latest details and submit yours here.