Azure Power Global $23M Securities Settlement

Stockholders who purchased or otherwise acquired equity shares of Azure Power Global Limited between Jan. 1, 2020, and Nov. 20, 2024, may qualify to claim a cash payment from a $23 million class action settlement.

Azure Power Global Limited agreed to settle a class action lawsuit alleging it, as well as some of its executives, violated federal securities laws. The lawsuit claimed Azure made false or misleading statements regarding its compliance with anticorruption and antibribery laws, its project bids and commissions, and related operating metrics. The plaintiffs said these alleged misrepresentations artificially inflated the price of Azure’s equity shares, resulting in financial losses for investors.

Who can file a claim for an Azure Power securities payout?

Class members must meet all of the following criteria:

• They are an individual or entity (such as a corporation, trust, pension plan, estate or IRA) who purchased or otherwise acquired Azure Power Global Limited equity shares at any time between Jan. 1, 2020, and Nov. 20, 2024.
• They suffered damages as a result of these transactions.

How much is the stockholder payout?

Pro Rata Payment: The estimated average recovery per share, before deductions, is approximately $0.57. However, the amount each class member receives depends on several factors, including:

• The number of valid claims submitted
• The number of shares purchased or acquired
• The timing and price of the share purchases and sales

How to claim an Azure Power class action rebate

To receive a payment, class members can file a claim using the online claim form or can download, print and complete the PDF claim form and mail it to the settlement administrator. The claim deadline is Aug. 29, 2025.

Settlement administrator's mailing address: Azure Securities Settlement, c/o Claims Administrator, 1650 Arch St., Suite 2210, Philadelphia, PA 19103

Required proof and documentation

• Claimants must provide account numbers and their Social Security number or Taxpayer Identification Number.
• Claimants must also submit documentation to support their claim. Acceptable documentation includes:
• Broker confirmations
• Account statements
• Other documentation showing Azure equity share transactions (purchases, sales, holdings)

Payout options

The settlement administrator will distribute paper checks to the provided address.

$23 million Azure Power Global Limited settlement fund breakdown

The $23,000,000 settlement fund covers:

• Settlement administration costs: Up to $100,000
• Attorneys' fees: Up to $7,666,667
• Attorneys' expenses: Up to $150,000
• Service award to lead plaintiff: Up to $10,000
• Payments to eligible class members: Remainder of the fund after all deductions

Important dates

• Exclusion Deadline: Aug. 15, 2025
• Claim Deadline: Aug. 29, 2025
• Fairness Hearing: Sept. 5, 2025

When is the securities settlement payout date?

The settlement administrator will distribute payments to eligible class members after the court grants final approval of the settlement and resolves any appeals.

Why is there a class action settlement?

The class action lawsuit claimed Azure Power Global Limited and some of its executives violated federal securities laws by making false or misleading statements about the company’s compliance with anticorruption and antibribery laws, project bids, project commissions and related operating metrics. The plaintiffs claimed these alleged actions led to inflated share prices and financial losses for investors.

The company denies any wrongdoing but agreed to settle to avoid the costs, risks and delays of continued litigation.

Sources

1. Class Notice
2. Settlement Agreement
3. Settlement Website FAQ