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NEW YORK, June 11, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C. is investigating potential claims against Eros International Plc (NYSE: EROS) on behalf of Eros stockholders. Our investigation concerns whether Eros has violated the federal securities laws and/or engaged in other unlawful business practices.
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On June 5, 2019, the Company’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, the Company’s share price fell $3.59, or nearly 49%, to close at $3.71 on June 6, 2019, thereby injuring investors.
Then, on June 7, 2019, an article published by Hindenburg Research explained that the reason for 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, the Company’s share price fell an additional $0.41, or nearly 12%, to close at $3.30 on June 7, 2019, thereby further injuring investors.
If you purchased or otherwise acquired Eros shares and suffered a loss, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at email@example.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning our investigation into Eros please go to http://www.bespc.com/eros/. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.