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EMWP.US
id: 674

Eros Media World | EMWP (ex Eros International | EROS) $25M Investor Settlement

It is still possible to file a late claim. The court will decide whether to accept late claims or not.
D. New Jersey
Court
2:19-cv-14125
Case number
28 Jul 2017
Class period Start
03 Aug 2021
Class period End
06 Dec 2023
Claim deadline
Eros 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:
  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
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
Accepting Late Claims
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
21 June 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
28 November 2023
Exclusion deadline
07 November 2023
Objection deadline
07 November 2023
Hearing deadline
07 November 2023
Class wide damages
$532,745,279
Trades matching type
FIFO
+$25,000,000
Cash Settlement Amount