Kasowitz Secures Dismissal of Securities Fraud Class Action Against Bollywood Film Producer Eros International
Kasowitz has secured a victory on behalf of Bollywood producer Eros International, a leading global company in the Indian film entertainment industry. The U.S. District Court for the Southern District dismissed, with prejudice, a consolidated class action complaint against Eros for securities fraud. In its motion to dismiss, Eros noted that a self-interested short-seller had disseminated a series of false rumors and misinformation about Eros’ business and accounting practices, helping to drive the stock price down. Kasowitz persuaded the court that plaintiffs failed to state any actionable misrepresentations or omissions, and the court dismissed plaintiffs’ §10(b) claims, among others.
“This is a well-deserved victory for a good company that has been targeted for some time by outrageously false claims disseminated by short-sellers and then repeated as the basis for this putative class action complaint,” said Kasowitz partner Michael J. Bowe. “We are extremely pleased by this thorough decision, and the company feels finally vindicated.”
The Kasowitz team representing Eros International is led by partner Michael J. Bowe and includes partner Stephen W. Tountas and associates Anthony MacDonald Caputo and Tian “Skye” Gao.
Read The American Lawyer article about the case “A Happy Ending for Kasowitz and Its Bollywood Client.”