NEW YORK, June 12, 2019 /CNW/ -- Pomerantz LLP is investigating claims on behalf of investors of Eros International plc ("Eros" or the "Company") (NYSE: EROS). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Eros and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On June 5, 2019, Eros's Indian subsidiary's credit rating was downgraded to "Default" by India's second-largest credit ratings agency over concerns of "ongoing delays/default in debt servicing due to slowdown in collection from debtors." On this news, Eros's stock price fell $3.59, or nearly 49%, to close at $3.71 on June 6, 2019.
Then, on June 7, 2019, an article published by Hindenburg Research explained 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 stock price fell an additional $0.41, or nearly 12%, to close at $3.30 on June 7, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 9980
SOURCE Pomerantz LLP