NEW YORK–(BUSINESS WIRE)–Rosen Law Firm, a global investor rights law firm, announces it is
investigating potential securities claims on behalf of shareholders of
Eros International Plc (NYSE: EROS) resulting from allegations that Eros
may have issued materially misleading business information to the
investing public.
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.” On this news,
shares of Eros fell $3.59 or over 49% to close at $3.71 per share on
June 6, 2019.
The next day, Hindenburg Research published an article 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.”
Rosen Law Firm is preparing a class action lawsuit to recover losses
suffered by Eros investors. If you purchased shares of Eros please visit
the firm’s website at http://www.rosenlegal.com/cases-register-1597.html
to join the class action. You may also contact Phillip Kim Rosen Law
Firm toll free at 866-767-3653 or via email at [email protected]
or [email protected].
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Rosen Law Firm represents investors throughout the globe, concentrating
its practice in securities class actions and shareholder derivative
litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class
Action Services for number of securities class action settlements in
2017. The firm has been ranked in the top 3 each year since 2013. Rosen
Law Firm has secured hundreds of millions of dollars for investors.
Contacts
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275
Madison Avenue, 34th Floor
New York, NY 10016
Tel:
(212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
[email protected]
[email protected]
[email protected]
www.rosenlegal.com
