| COMPANY |
Eros International plc |
| COURT |
United States District Court for the District of New Jersey |
| CASE NUMBER |
19-cv-014125 |
| JUDGE |
Honorable John Michael Vazquez |
| CLASS PERIOD |
July 28, 2017 and September 25, 2019 |
| SECURITY TYPE |
All Securities |
Case Background:
On June 21, 2019, the initial complaint in this securities class action was filed against Eros International plc (“Eros” or the “Company”), and certain of Eros’s directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action brought on behalf of all investors who purchased or acquired Eros securities between July 28, 2017 and September 25, 2019, (“Class Period”) both dates inclusive.
The complaint alleges that throughout the Class Period, 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 missed loan payments and had its credit downgraded; and (4) due to the foregoing, 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.
Current Status of Case:
Lead Plaintiff filed a consolidated complaint (the “Complaint”) on July 1, 2020. Defendants filed a Motion to Dismiss the Complaint on August 28, 2020. On April 20, 2021, the Defendants’ Motion to Dismiss was granted in part and denied in part. On November 28, 2023, the Court held a Final Settlement hearing and entered an Order granting final approval of settlement and entered final judgment. This action has concluded.
The deadline to file a claim is December 6, 2023. If you have any questions or need further information about this settlement, you may go to the following website, http://www.erossecuritieslitigation.com/, or you can contact the claims administrator, Epiq Global, Inc. at 1-855-619-1409.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.