NEW YORK, Nov. 17, 2015 /PRNewswire/ -- Wolf Popper LLP is investigating potential securities fraud claims on behalf of investors in Eros International Plc securities (NYSE: EROS). Eros investors can contact Fei-Lu Qian at 877.370.7703 or firstname.lastname@example.org for more information.
A class action lawsuit has already been filed on behalf of a class of purchasers of Eros securities from November 12, 2013 through November 12, 2015. If you wish to serve as lead plaintiff, you must move the Court no later than January 12, 2016. A lead plaintiff is a representative party acting on behalf of class members in directing the litigation.
On October 23, 2015, a Wells Fargo analyst downgraded Eros after questioning the Company's "continued increase in receivables, driven by a sudden spike in" revenues booked in the United Arab Emirates. On this news, Eros stock declined $2.92 or 16.6%.
On October 30, 2015, another analyst published a report alleging that "due to aggressive accounting practices, Eros' reported earnings are significantly overstating the economic reality of its business model" and the financials of a subsidiary "raise many questions about the company's accounting." On this news, Eros stock declined $1.69 or 13%.
On November 10, 2015, the same analyst published a second report alleging that Eros "has overstated the number of movies it has distributed by 124% and 200% during fiscal years 2014 and 2015, respectively." After the second report was disseminated into the market, Eros stock declined $3.78 or more than 31% on November 11, 2015.
On November 13, 2015, the analyst published a third report revealing that Eros has "overstated theatrical revenues by at least 116% and 49% during the fiscal years 2015 and 2014." On this news, Eros stock declined $1.82 or 20% on November 13, 2015.
Wolf Popper LLP has extensive experience representing shareholders in securities class actions and has successfully recovered billions of dollars for defrauded investors. The reputation and expertise of the firm in representing shareholders has been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. See www.wolfpopper.com.
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