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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