Eros International Plc Commences Legal Action Against Market Manipulation
October 03 2017 - 8:52AM
Business Wire
Eros Files Lawsuit Against Mangrove
Partners, Manuel P. Asensio, GeoInvesting, LLC, and Others. Retains
Kasowitz Benson Torres LLP
Eros International Plc (NYSE: EROS) (“Eros”), a leading
global company in the Indian film entertainment industry, today
announced that it has filed a lawsuit in New York County Supreme
Court against Mangrove Partners, Manuel P. Asensio, GeoInvesting,
LLC, and numerous other individuals and entities. The lawsuit
alleges the defendants and other co-conspirators disseminated
material false, misleading, and defamatory information about Eros
and are engaging in other misconduct that has harmed the Company.
The lawsuit also names various “John Doe” defendants who will be
identified and joined as the case unfolds.
The complaint alleges that Mangrove Partners and many, if not
all, of its co-conspirators held substantial short positions in
Eros stock and profited when its share price declined in response
to their multi-year disinformation campaign. Eros seeks damages and
injunctive relief for defamation, trade libel, civil conspiracy,
and tortious interference, including but not limited to
interference with its customers, producers, distributors,
investors, and lenders.
The filing of this lawsuit marks another important step in Eros’
vigorous defense of itself and the Company’s stakeholders. On 25
September, 2017, Eros also reported that the United States District
Court for the Southern District of New York dismissed a putative
securities class action, with prejudice, that was originally filed
in November 2015 and arose from a series of baseless accusations
that the Eros complaint alleges were disseminated by short
sellers.
The Company previously announced that it retained Michael J.
Bowe, a partner of Kasowitz Benson Torres LLP, to investigate and
pursue all available legal remedies against those responsible for
these blatant attempts at market manipulation. Counsel is
continuing its investigation. Anyone with information about those
responsible for the dissemination of this disinformation can submit
that information confidentially at (212) 506-1777.
About Eros International Plc
Eros International Plc (NYSE: EROS) is a leading global
company in the Indian film entertainment industry that acquires,
co-produces and distributes Indian films across all available
formats such as cinema, television and digital new media. Eros
International Plc became the first Indian media company to
list on the New York Stock Exchange. Eros
International has experience of over three decades in
establishing a global platform for Indian cinema. The Company has
an extensive and growing movie library comprising of over 3,000
films, which include Hindi, Tamil, and other regional language
films. The company also owns the rapidly growing OTT platform Eros
Now. For further information please visit: www.erosplc.com
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Eros International PlcMark Carbeck, +44 (207) 258 9909Chief
Corporate & Strategy OfficerMark.Carbeck@erosintl.comorSloane
& CompanyErica Bartsch, 212-446-1875ebartsch@sloanepr.com
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