Eros Media World Clears SEC Hurdles: A New Chapter Begins

Eros Media World plc announced the conclusion of both its internal audit and a SEC investigation, with no findings of financial misconduct or material weaknesses. Accused of having inflated revenues, EMW faced scrutiny but now looks forward to a promising future after the closure of several investigations.

Eros Media World plc has reached a significant milestone as it wraps up several challenging investigations. The internal review and a United States SEC investigation confirmed that no misconduct occurred within the company's financial reporting between March 2019 and 2020.

The company faced intense scrutiny over allegations of inflated revenues and misleading financial statements, partially due to short-sellers like Hindenburg Research. However, after thorough investigations, the SEC has closed all three cases without recommending any enforcement actions.

Reflecting on this development, Kishore Lulla, Founder & Executive Director of Eros Media World Group, expressed his satisfaction and committed to steering the company into its next phase of growth, supported by a stellar legal team from Levine Lee LLP, Cravath, Swaine & Moore LLP, and Cleary Gottlieb Steen & Hamilton LLP.

(With inputs from agencies.)