STEVENSON, Md., Dec. 10, 2015 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the District of New Jersey on behalf of purchasers of Eros International Plc (NYSE: EROS ) (“Eros” or the “Company”) securities during the period between June 17, 2014 and October 30, 2015, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until January 12, 2016 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in Eros securities purchased on or after June 17, 2014 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html . You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company securities during the Class Period. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 and the Securities Act of 1933 by virtue of the defendants’ failure to disclose during the Class Period that the Company’s reported earnings significantly overstated the economic viability of Eros’s business model, that the Company’s accounting policy for amortization was unjustifiably aggressive in light of the impact of piracy on the long-term value of Eros’s assets, that despite reported profitability Eros generates no cash, that Eros has only been able to stay afloat by issuing stock and taking on debt, and that Eros significantly overstated the number of movies the Company distributed as well as the Company’s theatrical revenues during fiscal years 2014 and 2015.
According to the complaint, following the Alpha Exposure October 30, 2015 report indicating that due to aggressive accounting practices, Eros’ reported earnings significantly overstate the economic reality of its business model, the Company’s subsidiary financials reveal a lack of free cash flow, the Company enriched its controlling family at the expense of shareholders through a series of related-party transactions, and the Company appears to have made meaningful misstatements to investors, the value of Eros shares declined substantially.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com
