Levine Lee News

Levine Lee Obtains Final Approval of Federal Securities Class Action Settlement on Behalf of Eros Media World Plc

On November 28, 2023, the U.S. District Court for the District of New Jersey granted final approval of the parties’ proposed settlement in In re Eros International Plc Securities Litigation, No. 19-cv-14125 (D.N.J.), a putative class action securities litigation led by hedge-fund plaintiffs against Eros Media World Plc, a global entertainment and media company. Plaintiffs’ complaint sought hundreds of millions of dollars in damages and alleged violations of Section 10(b) of the Exchange Act relating to certain of Eros’s disclosures involving the Company’s accounting, financial results, and assets. Levine Lee was lead counsel to Eros and certain of its former officers and directors in the matter.

The settlement of this case followed a complex litigation in which Levine Lee originally succeeded in obtaining dismissal of nearly all of Plaintiffs’ claims. (See Bloomberg, “Bollywood Film Firm Gets Investor Claims Trimmed”). Following several subsequent amended complaints, and while Levine Lee’s subsequent motion to dismiss was pending, the parties engaged in a mediation which included multiple of Eros’s insurers, leading to a full resolution and dismissal with prejudice of the matter.

Kenneth E. Lee, Chad P. Albert, Steven W. Kessler, and Sophia F. Porotsky worked on the matter.

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