NEW YORK–(BUSINESS WIRE)–$EROS #classaction–The law firm of Kirby
McInerney LLP is investigating potential claims against Eros
International Plc (“Eros” or the “Company”) (NYSE: EROS).
This investigation concerns whether Eros has violated federal securities
laws and/or engaged in other unlawful business practices.
On June 5, 2019, Eros’s majority owned subsidiary Eros International
Media’s long-term bank facilities rating was cut by 10 notches to D from
BBB- following “ongoing delays/default in debt servicing due to a
slowdown in collection from debtors.”
On this news, Eros’s share price fell $3.59, approximately 49%, to close
at $3.71 on June 6, 2019.
Then, on June 7, 2019, Hindenburg Research published an article
explaining that 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, Eros’s share price fell $0.41, approximately 11%, to close
at $3.30 on June 7, 2019.
If you acquired Eros securities, have information, or would like to
learn more about these claims, please contact Thomas
W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at [email protected],
or by filling out this
contact form, to discuss your rights or interests with respect to
these matters without any cost to you.
McInerney LLP is a New York-based plaintiffs’ law firm concentrating
in securities, antitrust, and whistleblower litigation. The firm’s
efforts on behalf of shareholders in securities litigation have resulted
in recoveries totaling billions of dollars. Additional information about
the firm can be found at Kirby McInerney LLP’s website: www.kmllp.com.
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jurisdictions under the applicable law and ethical rules.