The Other Shoe Drops for EROS
 
Irrefutable Proof of the Company's Financial Misconduct
 
PRICE TARGET - $4.00
 
  

Click Here For Full Report
Link to News Story
  November 12, 2015
 
Author Dale Renton is noted for stating, “When what you hear and what you see don’t match, trust your eyes.”
 
We at Street Watchdog Research are hearing something quite different from EROS International PLC (NYSE: EROS) than what we are actually seeing.  Specifically:
 
What we hear:  In its 6-K filing to the SEC just last week, Eros states, “We are confident in our business fundamentals…Our credibility and reputation are of paramount importance.”
 
What we see:  The company’s profit for the 4 quarters of FY 2015 do not match the annual results reported to the financial community nor to the SEC!  A detailed description of this irregularity is included in the full report.
 
What we hear:  In that same 6-K filing to the SEC last week, EROS specifically states, “Grant Thornton India LLP is the auditor of Eros International Plc who performs the audit of the Company’s consolidated financial statements, which includes its subsidiaries, in accordance with the standards of Public Company Accounting Oversight Board (United States).”
 
What we see:  Yet, in its FY 2015 20-F filing to the SEC just four months prior, on the 8th of July, EROS states in Item 3, Sec. A, “The selected historical consolidated statement of income data for each of the two years ended March 31, 2012 and 2011 and the selected historical statement of financial position data as of March 31, 2013, 2012 and 2011 have been derived from audited consolidated financial statements not included in this Annual Report on Form 20-F.”  If the company has an auditor as it says it does, why have the income statements for the past 3 fiscal years and the balance sheet for the past 2 fiscal years not been audited?
 
Click link above to read full report.
 
Disclosure:  We are short EROS.  We do not have a financial relationship with the company.