A lawsuit was filed against Eros International plc over alleged securities laws violations. A investor, who purchased shares of Eros International plc filed the lawsuit in the U.S. District Court for the District of New Jersey against Eros International plc in connection with certain allegedly false and misleading statements made.
Investors who purchased shares of Eros International plc (NYSE:EROS) have certain options and for certain investors are short and strict deadlines running. Deadline: January 12, 2016. NYSE:EROS investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The plaintiff claims that between June 17, 2014 and October 30, 2015 defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that: (i) the Company’s reported earnings significantly overstated the economic viability of Eros’s business model; (ii) the Company’s accounting policy for amortization was unjustifiably aggressive in light of the impact of piracy on the long-term value of Eros’s assets; (iii) despite the Company’s reported profitability, Eros generates no cash; (iv) Eros has only been able to stay afloat by issuing stock and taking on debt; (v) Eros significantly overstated the number of movies the Company distributed and the Company’s theatrical revenues during fiscal years 2014 and 2015; and (vi) as a result of the foregoing, Eros’s public statements were materially false and misleading at all relevant times.
On October 30 2015, a report was published on Eros International plc asserting, among other things, that Eros International’s reported earnings are significantly overstating the economic reality of its business model, that Eros International’s subsidiary financials reveal a lack of free cash flow and raise many questions about the company’s accounting, and that Eros International plc has enriched its controlling family at the expense of shareholders through a series of related-party transactions.Shares of Eros International plc (NYSE:EROS) declined to as low as $6.84 per share on November 13, 2015.
Those who purchased Eros International shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com