BOSTON, Nov. 17, 2015 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors nationwide, has filed a class action lawsuit, against Eros International PLC ("Eros" or the "Company") (NYSE:EROS) and certain of its current and former officers and directors, on behalf of investors who purchased or otherwise acquired Eros securities between November 13, 2013 and November 13, 2015, inclusive.
The lawsuit, filed on November 17, 2015, in the United States District Court for the District of New Jersey, captioned Abram v. Eros International PLC, et al., alleges that for the last two years, Eros has misled investors by overstating its revenues and misrepresenting the number of films that it has created and distributed. If you have questions about your legal rights, would like a copy of the complaint or if you have information relevant to this lawsuit, please contact either attorney Steven Harte at (617) 398-5600 or by email at Steven@blockesq.com or attorney Bradley Vettraino at (617) 398-5600 or by email at Bradley@blockesq.com
On October 30, 2015, a news report was published on a prominent investment website questioning the Company’s accounting practices and suggesting that it may be overstating its revenues. On November 11, 2015, a follow-up article on the same website stated that ““has overstated its theatrical revenue by 82% and 104% during fiscal years 2014 and 2015, respectively” and “overstated the number of movies it has distributed by 124% and 200% during fiscal years 2014 and 2015, respectively.” Yet another report was published on the same website two days later, stating that “[b]ased on public data sources, Eros appears to have overstated theatrical revenues by at least 116% and 49% during the fiscal years 2015 and 2014.”
After each of these reports identifying Eros’ misrepresentations to investors, the Company’s stock price fell dramatically. Since October 29, 2015, Eros’ stock price has plunged from $12.86 to $7.49 per share, nearly 43%, resulting in a loss in market capitalization of nearly $200 million.
If you suffered a loss and wish to serve as a lead plaintiff, you must move the Court no later than January 12, 2016. As a member of the class, you may seek to file a motion to serve as a lead plaintiff, retain counsel of your choosing or take no action and remain an absent class member.
Block & Leviton represents investors for violations of securities laws as well as whistleblowing employees who provide information about their employers' violations of law throughout the country. The firm's lawyers have collectively been prosecuting securities cases for over 70 years, have recovered billions of dollars for investors and represent some of the nation's largest institutional investors.
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Contact: BLOCK & LEVITON LLP Steven Harte 155 Federal St Boston MA 02110 (617) 398-5600 Steven@blockesq.com
Source:Block & Leviton LLP