According to the Complaint, Eros International PLC purports to be a leading company in the Indian film entertainment industry and to co-produce, acquire and distribute Indian language films in multiple formats worldwide. Eros is incorporated in the Isle of Man.

The Complaint alleges that throughout the Class Period, Defendants 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 (4) due to the foregoing, Defendants’ statements about Eros’s receivables, business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On April 14, 2020, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 19-CV-14125.

Lead Plaintiff filed a consolidated Complaint on July 1, 2020. Defendants filed a Motion to Dismiss the consolidated Complaint on August 28. On April 20, 2021, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.

On June 4, 2021, Lead Plaintiffs filed an amended consolidated Complaint. Lead Plaintiffs filed a third amended consolidated Complaint on November 5.

On December 13, 2022, the parties notified the Court that they had reached a Settlement in principle. On April 4, 2023, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on July 11. On November 28, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.