BOSTON, Jan. 01, 2016 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors nationwide, is reminding investors that the deadline for seeking lead plaintiff status in the pending securities class action against Eros International PLC ("Eros" or the "Company") (NYSE:EROS) is January 12, 2016. Investors who purchased or otherwise acquired Eros securities between November 13, 2013 and November 13, 2015 are eligible for inclusion in the class action, and to be considered as lead plaintiffs.
The lawsuit already filed by Block & Leviton, on November 17, 2015, captioned Mathew Abram v. Eros International PLC, et al., Case No. 2:15-cv-08122 (D.N.J. Nov. 17, 2015), 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.
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 news 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 analyst 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 $9.30, nearly 28%, resulting in a loss in market capitalization of nearly $150 million.
Eros investors are reminded that if they wish to become a lead plaintiff, they must file a motion by January 12, 2016.
If you are interested in becoming a lead plaintiff, have questions about your legal rights, or if you have information relevant to this investigation, please contact either attorney Steven Harte at (617) 398-5600 or by email at Steven@blockesq.com or attorney Brad Vettraino at (617) 398-5600 or by email at Bradley@blockesq.com. You may also retain counsel of your own choosing. Confidentiality for any whistleblowers or other persons with information relevant to the investigation is assured.
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