LOS ANGELES, CA / ACCESSWIRE / July 2, 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") (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 brian@schallfirm.com.
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.
CONTACT:
The Schall Law Firm
Brian Schall, Esq.
310-301-3335
Cell: 424-303-1964
info@schallfirm.com
www.schallfirm.com
SOURCE: The Schall Law Firm
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