NEW YORK, Dec. 01, 2015 (GLOBE NEWSWIRE) -- The following statement is being issued by Levi & Korsinsky, LLP:
To: All persons or entities who purchased or otherwise acquired securities of Eros International plc (“Eros”) (NYSE:EROS) between June 17, 2014 and October 30, 2015.
You are hereby notified that a securities class action lawsuit has been commenced in the USDC for the District of New Jersey. If you purchased or otherwise acquired Eros International between June 17, 2014 and October 30, 2015, your rights may be affected by this action. To get more information go to:
http://zlk.9nl.com/eros-international
or contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you.
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.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm’s attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.