Eros International PLC
SECURITIES FRAUD ALERT: The Law Firm of Andrews & Springer LLC Announces That A Securities Fraud Class Action Has Been Filed Against Eros International PLC - EROS
(Wilmington, DE) Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, announced that a securities fraud class action lawsuit has been filed in the U.S. District Court, District of New Jersey, Case No. 2:15-cv-08122, on behalf of investors of Eros International PLC (NYSE: EROS) (“Eros International” or the “Company”) that held shares between November 13, 2013 and November 13, 2015 (the “Class Period”). If you purchased Eros International securities during the Class Period, you may, no later than January 12, 2016, request that the Court appoint you lead plaintiff of the proposed class.
A copy of the complaint is available from the Court or from Andrews & Springer LLC. If you would like to join the class action, please visit our website or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – https://www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
The lawsuit alleges that throughout the Class Period defendants issued materially false and misleading statements to investors and/or failed to disclose that: (i) Eros International’s reported earnings significantly overstated the economic viability of Eros International’s business model; (ii) Eros International’s accounting policy for amortization was unjustifiably aggressive in light of the impact of piracy on the long-term value of Eros International’s assets; (iii) despite Eros International’s reported profitability, Eros International generates no cash; (iv) Eros International has only been able to stay afloat by issuing stock and taking on debt; (v) Eros International significantly overstated its theatrical revenues during fiscal years 2014 and 2015; and (vi) as a result of the foregoing, Eros International’s public statements were materially false and misleading at all relevant times.
On October 30, 2015, Alpha Exposure published a report questioning the Company's accounting practices and suggesting that it may be overstating its revenues. On November 11, 2015, a follow-up article stated that "has overstated its theatrical revenue by 82% and 104% during fiscal years 2014 and 2015, respectively" and "overstated the number of movies it has distributed by 124% and 200% during fiscal years 2014 and 2015, respectively." Yet another report was published on the same website two days later, stating that "[b]ased on public data sources, Eros appears to have overstated theatrical revenues by at least 116% and 49% during the fiscal years 2015 and 2014."
As a result of the foregoing news, Eros International’s stock price has fallen roughly 43% since October 29, 2015, causing shareholders to incur millions in losses.
If you wish to serve as lead plaintiff, you must move the Court no later than January 12, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.