Eros’ New York-listed parent company faces a class action lawsuit for allegedly overstating the subscriber base of its streaming portal Eros Now.

Its stock, which peaked at $39 on the NYSE in August 2015, has fallen nearly 80 percent in the last two years and closed at $8.20 on the NYSE on Friday.

Eros International Plc owns a majority stake in Eros International Media, its Indian-listed arm, which works largely on content creation. Shares in the Indian entity closed 4.5 percent higher on Monday.

The Indian arm of Eros said in a statement it was “not privy to any strategic discussion” its parent might be having.

The Economic Times report said Eros was planning to embark on a restructuring exercise that was likely to lead to a reverse merger of its New York-listed arm with the Indian subsidiary by the end of this financial year, creating a single listed entity.

JM Financial, which the Economic Times said is advising Eros, did not respond to requests for comment.

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