Update in Lokman v. Azure Power Global Limited, et al., Case No. 1:22-cv-07432-GHW

A settlement has been reached and was preliminarily approved on April 30, 2025. The settlement provides for the payment of $23 million to eligible class members. Lead plaintiff Serap Lokman alleged violations of §§ 10(b) and 20(a) of the Securities Exchange Act of 1934 based on the defendants’ alleged false and misleading statements concerning Azure's claimed compliance with anti-corruption and anti-bribery laws, winning project bids, commissioning projects, and certain related operating metrics, when certain of these bids were won by, and fraught with, corruption and other infirmities. 

The hearing on the Motion for Final Approval is scheduled for September 5, 2025.