BENSALEM, Pa–(BUSINESS WIRE)–$EROS #classaction–Law Offices of Howard G. Smith announces an investigation on behalf of
Eros International Plc (“Eros” or the “Company”) (NYSE: EROS)
investors concerning the Company and its officers’ possible violations
of federal securities laws.
On June 5, 2019, the Company’s Indian subsidiary’s credit rating was
downgraded to “Default” by India’s second largest credit ratings agency
over concerns of “ongoing delays/default in debt servicing due to
slowdown in collection from debtors.”
On this news, the Company’s share price fell $3.59, or nearly 49%, to
close at $3.71 on June 6, 2019, thereby injuring investors.
Then, on June 7, 2019, an article published by Hindenburg Research
explained that the reason for 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, the Company’s share price fell an additional $0.41, or
nearly 12%, to close at $3.30 on June 7, 2019, thereby further injuring
investors.
If you purchased Eros securities, have information or would like to
learn more about these claims, or have any questions concerning this
announcement or your rights or interests with respect to these matters,
please contact Howard G. Smith, Esquire, of Law Offices of Howard G.
Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by
telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected],
or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com
