#USA #New York #Class Action #Settlement #Azure Power

Summary of the Proposed Class Action Settlement

Levi & Korsinsky, LLP, a well-known law firm, has announced a significant development regarding the proposed class action settlement for investors in Azure Power Global Limited. This settlement relates to securities purchased between January 1, 2020, and November 20, 2024. The U.S. District Court for the Southern District of New York has provided its approval for this settlement process, which aims to compensate affected purchasers of Azure Power's equity securities (OTC AZREF).

Details of the Settlement

The proposed settlement includes a monetary fund of $23,000,000 to benefit those who suffered from the decline in value of Azure's stock due to alleged misrepresentations by the company's executives. The settlement implies that, pending successful participation from all affected shareholders, approximately $0.57 could be recovered per share, after accounting for costs and legal fees associated with the litigation.

This initiative comes in response to claims brought forth by lead plaintiff Serap Lokman on behalf of the Settlement Class. Those who purchased Azure shares during the specified period and who believe they were harmed can partake in this settlement by submitting their claims. However, certain groups, including members of the company's leadership and affiliates, are excluded from participating in the settlement.

Important Timeline

A key date for affected investors is September 5, 2025, when a hearing will take place to evaluate the fairness and adequacy of the settlement. During this hearing, Judge Gregory H. Woods will review the proposed settlement agreement, as well as the plan for allocating the settlement proceeds among eligible class members. Interested individuals do not need to attend the hearing to receive their due compensation but must ensure their claims are valid and submitted by August 29, 2025.

Claim Process

For members of the Settlement Class wishing to participate, it is essential to submit a Claim Form by the specified deadline. Instructions for obtaining this form can be found at the settlement's dedicated website: www.AzureSecuritiesSettlement.com.

It is critical to adhere to the timelines if you plan to submit a claim or opt out of the settlement. Claims and requests for exclusion must be postmarked or submitted electronically in a timely manner. Any objections regarding the settlement, including challenges to attorneys' fees or the proposed plan for fund allocation, need to be filed by August 15, 2025.

Advisory Note

Potential claimants are reminded that failing to submit valid forms or requests for exclusion by the respective deadlines could result in being bound by the Final Judgment, whether favorable or unfavorable. Therefore, interested parties are advised to stay alert for updates regarding the settlement, as changes to court dates or processes may occur.

For further inquiries, individuals can contact the Claims Administrator or Levi & Korsinsky, LLP directly. This settlement represents a significant step for those impacted by the issues surrounding Azure Power Global Limited's securities, and it aims to provide monetary relief to investors who have faced financial losses due to corporate actions and disclosures.

Conclusion

In summary, the settlement offers an opportunity for Azure Power investors to recover a portion of their losses. As the hearing date approaches, it remains essential for these investors to understand their rights and the steps necessary to participate effectively. Keeping abreast of announcements and adhering to deadlines will ensure that they secure any financial reparation entitled to them.