NEW YORK, Dec. 1, 2015 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a securities class action has been filed in the United States District Court for the District of New Jersey on behalf of those who purchased shares of Eros International Plc ("Eros" or the "Company") (NYSE : EROS), during the period between June 17, 2014 and October 30, 2015 inclusive. (the "Class Period").
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose 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.
On October 30, 2015, the investment blog Alpha Exposure published a report entitled "Unlike the name, investors should not love EROS" (the "Alpha Exposure Report"). As a result of this news, shares of Eros fell $1.69, or 13.4%, to close at $11.17 on October 30, 2015.
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.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email firstname.lastname@example.org. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Eros you have until January 12, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
SOURCE Bronstein, Gewirtz & Grossman, LLC