Mumbai: Eros International Plc., today announced that the United States District Court for the Southern District of New York has dismissed, with prejudice, the putative securities class action that was originally filed in November 2015 against Eros and certain of its officers and directors.
Eros previously reported that, on July 14, 2016, the Court-appointed lead plaintiffs filed a consolidated complaint, and subsequently amended that pleading on October 10, 2016. The amended complaint alleged that the Company and certain individual defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The Court’s Memorandum and Order rejects both of these claims and does not provide plaintiffs with leave to amend.
Eros International Plc (NYSE: EROS) is a leading global company in the Indian film entertainment industry that acquires, co-produces and distributes Indian films across all available formats such as cinema, television and digital new media.
Eros International Plc became the first Indian media company to list on the New York Stock Exchange. Eros International has experience of over three decades in establishing a global platform for Indian cinema. The Company has an extensive and growing movie library comprising of over 3,000 films, which include Hindi, Tamil, and other regional language films. The company also owns the rapidly growing OTT platform Eros Now.