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 investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby 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.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq., (212) 371-6600
investigations@kmllp.com
www.kmllp.com
