LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces an investigation on behalf of Eros International Plc (“Eros” or the “Company”) (NYSE: EROS) investors concerning the Company and its officers’ possible violations of federal securities laws.
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.
On June 5, 2019, the Company’s Indian subsidiary’s credit rating was downgraded to “Default” by India’s second largest credit ratings agency over concerns of “ongoing delays/default in debt servicing due to slowdown in collection from debtors.”
On this news, the Company’s share price fell $3.59, or nearly 49%, to close at $3.71 on June 6, 2019, thereby injuring investors.
Then, on June 7, 2019, an article published by Hindenburg Research explained that the reason for the credit downgrade was due to “multiple undisclosed related-party transactions that appear designed to hide receivables,” and that “a significant portion of Eros’s receivables don’t exist.”
On this news, the Company’s share price fell an additional $0.41, or nearly 12%, to close at $3.30 on June 7, 2019, thereby further injuring investors.
If you purchased Eros securities, have information, or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, CA 90067 at 310-201-9150, Toll-Free at 888-773-9224, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number, and the number of shares purchased.
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