EMWP.US
id: 674
Eros Media World | EMWP (ex Eros International | EROS) $25M Investor Settlement
D. New Jersey
Court2:19-cv-14125
Case number07/28/2017
Class period Start08/03/2021
Class period End12/06/2023
Claim deadlineEros Media World | EMWP (ex Eros International | EROS) agreed to settle $25 million with its investors in litigation over the use of related-party transactions to fabricate receivables.
The Complaint alleged that the Company and its Leaders made false and/or misleading statements and/or failed to disclose that:
- 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;
- because of this scheme, Eros’s financial position was weaker than what the Company disclosed;
- consequently, the Company’s Indian subsidiary missed loan payments and had its credit downgraded; and
Due to the foregoing, the statements about Eros’s receivables, business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Case Status
Disbursement
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Fraud,
Failure to Disclose,
Breach of Fiduciary duty,
Omissions
Suspected Party
Directors,
Management,
Service Provider,
Other
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.15
Filing date
06/21/2019
Plaintiffs
Opus Chartered Issuances S.A., Compartment 127, AI Undertaking IV
Attorneys
Carella, Byrne, Cecchi, Olstein, Brody & Agnello, P.C. (Roseland, NJ), Glancy Prongay & Murray LLP (Los Angeles, CA)
Defendants
Kishore Lulla, Prem Parameswaran, Andrew Warren
Judge
Hon. John Michael Vazquez
Administrator
EPIQ
Settlement agreement date
2023-04-04
Court hearing date
11/28/2023
Exclusion deadline
11/07/2023
Objection deadline
11/07/2023
Hearing deadline
11/07/2023
Class wide damages
$532,745,279
Trades matching type
FIFO
+$25,000,000
Cash Settlement Amount