Eros International Plc commences legal action against market manipulation

Film studio Eros International Plc announced that it has filed a lawsuit in New York County Supreme Court 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 lawsuit also names various “John Doe” defendants who will be identified and joined as the case unfolds.

The complaint alleges that Mangrove Partners 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 United States District Court 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.
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