WAYNE, Pa., Jan. 4, 2016 /PRNewswire/ -- Ryan & Maniskas, LLP announces it has filed 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.
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.
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