New York Court Dismisses Class Action Lawsuit Filed Against Eros International
The lawsuit filed against Eros International, the Bollywood production house, in 2015 has been dismissed by a New York Court
Their production Newton became India’s entry for Oscars 2018 and now here is
more good news for Eros International. 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.
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