SOURCE: Saxena White P.A.

December 23, 2015 14:46 ET

Saxena White P.A. Files Securities Fraud Class Action Against Eros International PLC

BOCA RATON, FL--(Marketwired - December 23, 2015) - Saxena White P.A. has filed a securities fraud class action lawsuit in the United States District Court for the District of New Jersey against Eros International PLC ("Eros" or the "Company") (NYSE: EROS) on behalf of investors who purchased or otherwise acquired the common stock of the Company during the period from November 12, 2013 through November 13, 2015 (the "Class Period). 

Eros is a global company in the Indian film entertainment industry. Eros co-produces, acquires and distributes Indian language firms in multiple formats worldwide. The Company is incorporated in the Isle of Man and maintains its U.S. executive offices in Secaucus, New Jersey.

The Complaint brings forth claims for violations of the Securities Exchange Act of 1934. The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects.

Specifically, the Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company lacked adequate internal controls; (2) Eros enriched its controlling family at the shareholders' expense through a serious of related-party transactions; (3) the Company overstated the number of movies it had distributed during fiscal years 2014 and 2015; (4) the Company overstated its theatrical revenue during fiscal years 2014 and 2015; (5) as a result, Eros' financial results and operating metrics were overstated; (6) the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"); and (7) as a result of the foregoing, Defendants' statements about Eros' business, operations, and prospects were materially false and/or misleading at all relevant times.

You may obtain a copy of the Complaint at www.saxenawhite.com

If you purchased Eros stock between November 12, 2013 and November 13, 2015, inclusive, you may contact Lester Hooker (lhooker@saxenawhite.com) at Saxena White P.A. to discuss your rights and interests.

If you purchased Eros common stock during the Class Period of November 12, 2013 through November 13, 2015, and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court no later than January 12, 2016. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.

Saxena White P.A., located in Boca Raton, specializes in prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.

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