SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of investors who purchased or otherwise acquired the securities of Eros International PLC (“Eros” or the “Company”) (NYSE: EROS) between November 12, 2013 and November 13, 2015, inclusive (the “Class Period”), including investors who purchased shares pursuant and/or traceable to Eros’s initial public offering (“IPO”) on or about November 12, 2013.
If you purchased or otherwise acquired the securities of Eros during the Class Period and/or pursuant and/or traceable to the Company’s IPO, you may move the Court for appointment as lead plaintiff by no later than January 12, 2016. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Eros investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Eros Securities Class Litigation
Eros co-produces, acquires and distributes Indian language films in multiple formats worldwide. The actions allege that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Eros enriched its controlling family at the expense of shareholders through a series of related-party transactions; (2) the Company lacked adequate internal controls; (3) Eros overstated the number of movies it distributed; (4) the Company overstated its theatrical revenue; (5) Eros’s financial results and operating metrics were overstated as a result; and (6) the Company’s financial statements were not prepared in accordance with Generally Accepted Accounting Principles.
On October 30, 2014, research firm Alpha Exposure published a report on Eros alleging that: (1) due to aggressive accounting practices, Eros’ reported earnings are significantly overstating the economic reality of its business model; (2) the Company’s subsidiary financials reveal a lack of free cash flow and raise many questions about its accounting; and (3) Eros enriched its controlling family at the expense of shareholders through a series of related-party transactions. On this news, the price of Eros common stock fell $1.69 per share, or 13.14%, from its closing price of $12.86 on October 29, 2015, to close at $11.17 on October 30, 2015.
On November 10, 2015, Alpha Exposure published another report on Eros alleging that: (1) the Company engaged in pervasive accounting deception related to its revenue figures; (2) Eros overstated the number of movies it has distributed by 124% and 200% during fiscal 2014 and 2015, respectively; and (3) Eros overstated its theatrical revenue by 82% and 104% during fiscal 2014 and 2015, respectively. On this news, the price of Eros stock fell $3.78 per share over two trading days, or 30.56%, from its closing price on November 9, 2015, to close at $8.25 on November 11, 2015.
On November 13, 2015, Alpha Exposure published an additional report alleging that Eros avoided releasing a movie list, and ultimately provided a movie list with fewer films than previously disclosed publicly. On this news, Eros’s stock price fell another $1.82 per share, or 20.45%, from its closing price of $8.90 on November 12, 2015, to close at $7.08 per share on November 13, 2015.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, and Seattle, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for thirteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Best Lawyers and U.S. News have named Lieff Cabraser as a “Law Firm of the Year” for each year the publications have given this award to law firms.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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