NEW YORK, NY / ACCESSWIRE / June 20, 2019 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Eros International Plc ("Eros" or the "Company") (NYSE: EROS). Such investors are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/eros.
The investigation concerns whether Eros and certain of its officers and/or directors have violated federal securities laws.
On June 5, 2019, CARE Ratings, an Indian credit rating agency, reduced Eros's Indian subsidiary's credit rating to "Default," noting problems with "ongoing delays/default in debt servicing due to slowdown in collection from debtors." Following this news, Eros stock dropped $3.59 per share or over 49% to close at $3.71 on June 6, 2019.
The next day, Hindenburg Research published a report, "Eros International: On-The-Ground Research, Employee Interviews, and Private Company Documents Expose Egregious Accounting Irregularities," and alleged the reason for the downgrade saying, "a significant portion of Eros's receivables don't exist" and that Eros has documented "multiple undisclosed related-party transactions that appear designed to hide receivables."
If you are aware of any facts relating to this investigation, or purchased Erosshares,you can assist this investigation by visiting the firm's site: www.bgandg.com/eros. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
SOURCE: Bronstein, Gewirtz & Grossman, LLC