NEWARK, N.J. (Legal Newsline) - An Ontario, Canada resident is suing distributors of Indian films claiming they made false or misleading statements about their business and operations.
Jawed Asrani, on behalf of himself and those similarly situated, filed a class action lawsuit on Nov. 13 in the U.S. District Court for the District of New Jersey against Eros International PLC Inc., Kishore Lulla, Jytoi Desphande, and Prem Parameswaran over allegations that they violated the Securities Exchange act.
Asrani alleges that the defendants, who distributes Indian film content across various distribution channels, made false and/or misleading statements and/or failed to disclose that it reported earnings that significantly overstated the economic viability of Eros’ business model. He claims that it generates no money and has only been able to stay in business by issuing stock and taking on debt, and that Eros overstated the number of movies the company distributed and the company’s theatrical revenues during fiscal years 2014 and 2015. As a result, Eros’ public statements were materially false and misleading at all relevant times, the complaint states.
Asrani is seeking a trial by jury and suing for damages, pre-judgment and post-judgment interests, attorney fees and court costs, and any other rewards deemed proper by the court.
He is represented by Bruce D. Greenberg of Lite DePalma Greenberg LLC in Newark, New Jersey; Jeremy A. Lieberman, J. Alexander Hood II, Marc Gorrie, and Patrick V. Dahlstrom of Pomerantz, LLP, in New York, New York and Chicago, respectively.
U.S. District Court for the District of New Jersey case number 2:15-cv-08054-CCC-JBC