NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of Eros International Plc (NYSE: EROS) resulting from allegations that Eros may have issued materially misleading business information to the investing public.
On June 5, 2019, CARE Ratings, India’s second largest credit ratings agency, downgraded Eros’s Indian subsidiary’s credit rating to “Default,” citing concerns regarding “ongoing delays/default in debt servicing due to slowdown in collection from debtors.” On this news, shares of Eros fell $3.59 or over 49% to close at $3.71 per share on June 6, 2019.
The next day, Hindenburg Research published an article entitled “Eros International: On-The-Ground Research, Employee Interviews, and Private Company Documents Expose Egregious Accounting Irregularities,” purported to explain the reason for the downgrade. The article alleged, among other things, that “a significant portion of Eros’s receivables don’t exist” and that they have documented “multiple undisclosed related-party transactions that appear designed to hide receivables.”
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Eros investors. If you purchased shares of Eros please visit the firm’s website at http://www.rosenlegal.com/cases-register-1597.html to join the class action. You may also contact Phillip Kim Rosen Law Firm toll free at 866-767-3653 or via email at email@example.com or firstname.lastname@example.org.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has secured hundreds of millions of dollars for investors.