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Eros International Plc commences legal action against market manipulation

The media house has filed a lawsuit against Mangrove Partners, Manuel P Asensio, GeoInvesting, LLC, and others

Urvi Malvania  |  Mumbai 

Eros says will focus on core business
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Film studio Plc announced that it has filed a in against Mangrove Partners, Manuel P. Asensio, GeoInvesting, LLC, and numerous other individuals and entities alleging the defendants and other co-conspirators disseminated material false, misleading, and defamatory information about Eros and are engaging in other misconduct that has harmed the company.  The also names various “John Doe” defendants who will be identified and joined as the case unfolds.

The complaint alleges that and its co-conspirators held substantial short positions in Eros stock and profited when its share price declined in response to their multi-year disinformation campaign.  Eros seeks damages and injunctive relief for defamation, trade libel, civil conspiracy, and tortious interference, including but not limited to interference with its customers, producers, distributors, investors, and lenders.

On 25 September, 2017, Eros also reported that the for the Southern District of New York dismissed a putative securities class action, with prejudice, that was originally filed in November 2015 and arose from a series of baseless accusations that the Eros complaint alleges were disseminated by short sellers.

The Company previously announced that it retained Michael J. Bowe, a partner of Kasowitz Benson Torres LLP, to investigate and pursue all available legal remedies against those responsible for these blatant attempts at market manipulation.  

First Published: Tue, October 03 2017. 20:25 IST