WAYNE, Pa., Nov. 18, 2015 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in the United States District Court for the District of New Jersey on behalf of all persons or entities that purchased the common stock of Eros International Plc (NYSE: EROS) ("Eros" or the "Company") between November 12, 2013 and November 13, 2015, inclusive (the "Class Period").
Eros shareholders may, no later than January 12, 2016, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Eros and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/eros.
On October 30, 2015, a news report was published on a prominent investment website questioning the Company's accounting practices and suggesting that it may be overstating its revenues. On November 11, 2015, a follow-up article on the same website stated that ""has overstated its theatrical revenue by 82% and 104% during fiscal years 2014 and 2015, respectively" and "overstated the number of movies it has distributed by 124% and 200% during fiscal years 2014 and 2015, respectively." Yet another report was published on the same website two days later, stating that "[b]ased on public data sources, Eros appears to have overstated theatrical revenues by at least 116% and 49% during the fiscal years 2015 and 2014."
After each of these reports identifying Eros' misrepresentations to investors, the Company's stock price fell dramatically. Since October 29, 2015, Eros' stock price has plunged from $12.86 to $7.49 per share, nearly 43%, resulting in a loss in market capitalization of nearly $200 million.
If you are a member of the class, you may, no later than January 12, 2016, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide. To learn more about the class action process, please visit: www.rmclasslaw.com.
SOURCE Ryan & Maniskas, LLP