LOS ANGELES, CA / ACCESSWIRE / July 10, 2019 / 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") (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."
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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.
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SOURCE: The Schall Law Firm
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