Azure Power Resolves US Securities Lawsuit with $23 Million Settlement
Azure Power has settled a US securities law violation lawsuit by depositing $23 million into escrow. The case, filed in the New York District Court, alleged violations by the company and former directors. The resolution allows Azure to focus on its renewable energy projects and stakeholder value.
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In a significant development, Azure Power has concluded a legal battle in the United States by agreeing to a $23 million settlement of a securities law violation lawsuit. The resolution, reached without any admission of liability by the defendants, marks the end of a class action filed in the Southern District of New York.
The lawsuit alleged that Azure Power, alongside some of its former directors and officers, failed to comply with US securities laws. However, on April 11, 2025, the solar energy firm and the lead plaintiff came to an agreement, which was preliminarily approved by the court on April 30 and has now secured final approval.
Azure Power, known for its renewable energy projects, expressed optimism that settling this legal matter will allow the company to refocus on its core mission of providing sustainable energy solutions and enhancing stakeholder value.
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