Levi & Korsinsky, LLP announces the filing of a class action lawsuit in the USDC for the District of New Jersey on behalf of shareholders of Eros International plc (NYSE: EROS) who purchased shares between June 17, 2014 and October 30, 2015.
According to the complaint, throughout the Class Period defendants issued materially false and misleading statements to investors 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. 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.
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