NEW YORK, June 24, 2019 /PRNewswire/ -- Bernstein Liebhard
LLP, a nationally acclaimed investor rights law firm, announces
that a securities class action lawsuit has been filed on behalf of
those who acquired Eros International PLC shares ("EROS," or
the "Company") (NYSE: EROS) between July 28,
2017 and June 5, 2019,
inclusive (the "Class Period"). The lawsuit was filed in
the United States District
Court for the District of New
Jersey to recover damages for EROS investors under the
Securities Exchange Act of 1934.
If you purchased EROS securities, and/or would like to
discuss your legal rights and options please visit Eros
International PLC Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877)
779-1414 or MGuarnero@bernlieb.com.
According to the lawsuit, throughout the Class Period,
Defendants made false and/or misleading statements and/or failed to
disclose that: (i) EROS and its executives engaged in a
scheme to use related-party transactions to fabricate receivables
that they reported in EROS's public financial disclosures; (ii)
because of this scheme, EROS's financial position was weaker than
what the Company disclosed; (iii) consequently, the Company's
Indian subsidiary, Eros International Media Ltd ("EIML"), missed
loan payments and had its credit downgraded; and (iv) due to the
foregoing, Defendants' statements about EROS's receivables,
operations, and prospects were materially false and misleading
and/or lacked a reasonable basis at all relevant times.
On June 5, 2019, CARE Ratings,
India's second largest credit
ratings agency, downgraded EIML's credit rating to "Default"
because of "ongoing delays/default in debt servicing due to
slowdown in collection from debtors." On June 6, 2019, EROS issued a press release
admitting that EIML was late on two loan interest payments for
April and May 2019.
On this news, shares of EROS fell $3.59 or over 49% to close at $3.71 per share on June 6,
2019, damaging investors. The next day, before the
market opened, Hindenburg Research published an article titled
"Eros International: On-The-Ground Research, Employee Interviews,
and Private Company Documents Expose Egregious Accounting
Irregularities," explaining the reason for the downgrade of
EIML. The article stated, among other things, that "a
significant portion of EROS's receivables don't exist" and that
they have documented "multiple undisclosed related-party
transactions that appear designed to hide receivables."
On this news, shares of EROS fell another $.41 or over 11% to close at $3.30 per share on June 7,
2019, damaging investors.
If you purchased EROS securities, and/or would like to
discuss your legal rights and options please visit
https://www.bernlieb.com/cases/erosinternationalplc-eros-lawsuit-class-action-fraud-stock-149/
or contact Matthew E. Guarnero toll
free at (877) 779-1414 or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff in the class action, you
must move the court no later than August 20,
2019. A lead plaintiff is a representative party acting on
behalf of other class members in directing the litigation. Your
ability to share in any recovery doesn't require that you serve as
lead plaintiff. If you take no action, you may remain an absent
class member.
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion for its clients. In
addition to representing individual investors, the Firm has been
retained by some of the largest public and private pension funds in
the country to monitor their assets and pursue litigation on their
behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National
Law Journal's "Plaintiffs' Hot List" thirteen times and
listed in The Legal 500 for ten consecutive
years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
http://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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