LOS ANGELES–(BUSINESS WIRE)–$EROS #ClassAction—The
Schall Law Firm, a national shareholder rights litigation firm,
announces that it is investigating claims on behalf of investors of Eros
International Plc (“Eros” or “the Company”) (NYSE: EROS)
for violations of §§10(b) and 20(a) of the Securities Exchange Act of
1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and
Exchange Commission.
The investigation focuses on whether the Company issued false and/or
misleading statements and/or failed to disclose information pertinent to
investors. One of India’s largest credit rating agencies, CARE Ratings,
downgraded Eros’ Indian subsidiary on June 5, 2019, to “Default.” CARE
Ratings cited “ongoing delays/default in debt servicing due to slowdown
in collection from debtors,” as the reasoning behind the downgrade.
Based on this news, shares of Eros fell by almost 50% on June 6, 2019.
Hindenburg Research published a report on Eros the next day entitled,
“Eros International: On-The-Ground Research, Employee Interviews, and
Private Company Documents Expose Egregious Accounting Irregularities,”
to expand on the reasoning for the downgrade. According to Hindenburg,
“a significant portion of Eros’s receivables don’t exist,” and alleges
“multiple undisclosed related-party transactions that appear designed to
hide receivables.”
If you are a shareholder who suffered a loss, click
here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm,
1880 Century Park East, Suite 404, Los Angeles, CA 90067, at
424-303-1964, to discuss your rights free of charge. You can also reach
us through the firm’s website at www.schallfirm.com,
or by email at [email protected].
The class in this case has not yet been certified, and until
certification occurs, you are not represented by an attorney. If you
choose to take no action, you can remain an absent class member.
The Schall Law Firm represents investors around the world and
specializes in securities class action lawsuits and shareholder rights
litigation.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and rules of ethics.
Contacts
The Schall Law Firm
Brian Schall, Esq.
310-301-3335
Cell:
424-303-1964
[email protected]
www.schallfirm.com
