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Lawsuit filed for Investors in shares of Eros International Plc (NYSE: EROS)

07-22-2019 07:09 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Eros International Plc (NYSE: EROS) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Eros International Plc (NYSE: EROS) shares over alleged securities laws violations.

An investor, who purchased shares of Eros International Plc (NYSE: EROS), filed a lawsuit over alleged violations of Federal Securities Laws by Eros International Plc in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Eros International Plc (NYSE: EROS) have certain options and for certain investors are short and strict deadlines running. Deadline: August 20, 2019. NYSE: EROS investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On June 5, 2019, CARE Ratings, India’s second largest credit ratings agency, downgraded Eros’s Indian subsidiary’s credit rating to “Default,” citing concerns regarding “ongoing delays/default in debt servicing due to slowdown in collection from debtors.”

The next day, an article was published entitled “Eros International: On-The-Ground Research, Employee Interviews, and Private Company Documents Expose Egregious Accounting Irregularities,” purported to explain the reason for the downgrade. The article alleged, 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.” Shares of Eros International Plc (NYSE: EROS) declined from $10.68 per share in March 2019 to as low as $2.60 per share on June 14, 2019.

The plaintiff claims that between July 28, 2017 and June 5, 2019, the defendants Period made false and/or misleading statements and/or failed to disclose that 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, that because of this scheme, Eros’s financial position was weaker than what the Company disclosed, that consequently, the Company’s Indian subsidiary, Eros International Media Ltd, missed loan payments and had its credit downgraded, and that due to the foregoing, defendants’ statements about Eros’s receivables, business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

Those who purchased shares of Eros International Plc (NYSE: EROS) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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