Case: Eros International Plc
Venue: District of New Jersey
Class Period: 7/28/2017 - 6/5/2019
Lead Plaintiff Deadline: 8/20/2019
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NEW YORK, NY – July 10, 2019 – Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Eros International Plc (“Eros” or the “Company”) (NYSE: EROS), a company that distributes Indian language films.  A complaint has been filed against the Company and certain executives.  Investors that purchased Eros securities between July 28, 2017 and June 5, 2019, inclusive (the “Class Period”), may be affected.

On July 28, 2017, the start of the Class Period, Eros issued a press release containing its financial results for the 2017 fiscal year, ended March 31, 2017.

According to the complaint, on June 5, 2019, CARE Ratings, India’s second largest credit rating agency, downgraded the credit rating for Eros’s Indian subsidiary, Eros International Media Ltd (“EIML”), to “Default” because of “ongoing delays/default in debt servicing due to slowdown in collection from debtors.”  

Then, on June 6, 2019, Eros issued a press release admitting that EIML was late on two loan interest payments for April and May 2019.

Following the June 5-6, 2019 news, shares of Eros fell $3.59 per share, more than 49%, to close at $3.71 per share on June 6, 2019.

According to the complaint, the next day, before the market opened, Hindenburg Research published an article entitled “Eros International: On-The-Ground Research, Employee Interviews, and Private Company Documents Expose Egregious Accounting Irregularities,” explaining the reason for the downgrade of EIML. The article stated, among other things, that “a significant portion of Eros’s receivables don’t actually exist” and that they have documented “multiple undisclosed related-party transactions that appear designed to hide receivables.”

Following this news, shares of Eros fell $0.41 per share, over 11%, to close at $3.30 per share on June 7, 2019.

The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that (1) Eros and its executives engaged in a scheme to use related-party transactions to fabricate receivables that they reported in Eros’s public financial disclosures, (2) because of this scheme, Eros’s financial position was weaker than what the Company disclosed, (3) consequently, the Company’s Indian subsidiary, EMIL, missed loan payments and had its credit downgraded, and (4) due to the foregoing, the defendants’ statements about Eros’s receivables, business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

If you are a member of the proposed Class, you may move the court no later than August 20, 2019 to serve as a lead plaintiff for the purported class.  You need not seek to become a lead plaintiff in order to share in any possible recovery.  If you would like to discuss the complaint or our investigation, please contact us by emailing This e-mail address is being protected from spambots. You need JavaScript enabled to view it or by calling 800-290-1952.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.  If you have any questions about this Notice, your rights, or your interests, please contact: 

Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400 
San Francisco, California  94104
(415) 772-4700
Fax:  (415) 772-4707
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