INVESTOR ALERT: Kirby McInerney LLP Announces Investigation of Shareholder Claims Against Eros International Plc
June 14 2019 - 8:00PM
Business Wire
The law firm of Kirby McInerney LLP is investigating potential
claims against Eros International Plc (“Eros” or the “Company”)
(NYSE: EROS). This investigation concerns whether Eros has violated
federal securities laws and/or engaged in other unlawful business
practices.
On June 5, 2019, Eros’s majority owned subsidiary Eros
International Media’s long-term bank facilities rating was cut by
10 notches to D from BBB- following “ongoing delays/default in debt
servicing due to a slowdown in collection from debtors.”
On this news, Eros’s share price fell $3.59, approximately 49%,
to close at $3.71 on June 6, 2019.
Then, on June 7, 2019, Hindenburg Research published an article
explaining that the credit downgrade was due to “multiple
undisclosed related-party transactions that appear designed to hide
receivables,” and that “a significant portion of Eros’s receivables
don’t exist.”
On this news, Eros’s share price fell $0.41, approximately 11%,
to close at $3.30 on June 7, 2019.
If you acquired Eros securities, have information, or would like
to learn more about these claims, please contact Thomas W. Elrod of
Kirby McInerney LLP at 212-371-6600, by email at
investigations@kmllp.com, or by filling out this contact form, to
discuss your rights or interests with respect to these matters
without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm
concentrating in securities, antitrust, and whistleblower
litigation. The firm’s efforts on behalf of shareholders in
securities litigation have resulted in recoveries totaling billions
of dollars. Additional information about the firm can be found at
Kirby McInerney LLP’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20190614005509/en/
Kirby McInerney LLPThomas W. Elrod, Esq., (212)
371-6600investigations@kmllp.comwww.kmllp.com
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