SAN FRANCISCO, Dec. 28, 2015 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, reminds investors with losses over $50,000 of the January 8, 2016 lead plaintiff deadline in the securities fraud class action lawsuit filed against Eros International PLC (NYSE:EROS).
If you purchased Eros securities between November 13, 2013 and November 13, 2015, contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000, emailing EROS@hbsslaw.com or visiting http://hb-securities.com/investigations/EROS. The lawsuit was filed in the U.S. District Court for the District of New Jersey and investors have until January 12, 2016 to move the court to act as lead plaintiff.
Eros, together with its subsidiaries, co-produces, acquires, and distributes Indian language films in various formats worldwide. The complaint alleges Eros violated the securities laws when it misled investors by not disclosing that: (i) the Company’s reported earnings significantly overstated the economic viability of Eros’s business model; (ii) 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; (iii) despite the Company’s reported profitability, Eros generates no cash; (iv) Eros has only been able to stay afloat by issuing stock and taking on debt; (v) Eros significantly overstated the number of movies the Company distributed and the Company’s theatrical revenues during fiscal years 2014 and 2015; and (vi) as a result of the foregoing, Eros’s public statements were materially false and misleading at all relevant times.
This information was revealed to the market in by two news outlets. First, on October 30, 2015, the investment blog Alpha Exposure published a report entitled “Unlike the name, investors should not love EROS.” As a result of this news, shares of Eros fell $1.69, or 13.4%, to close at $11.17 on October 30, 2015. Then, on November 10, 2015, Seeking Alpha published a report entitled “Eros: Return of the Short Seller (2015)” (the “Seeking Alpha Report”). As a result of this news, shares of Eros fell $4.12, or 33.3% over the next two days, to close at $8.25 on November 11, 2015.
Whistleblowers: Persons with non-public information regarding Eros should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email EROS@hbsslaw.com.
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Reed Kathrein, 510-725-3000
Source:Hagens Berman Sobol Shapiro LLP