DOUGLAS, Isle of Man - Eros Media World plc, a global media and entertainment company, announced today that following an internal investigation, no wrongdoing was found in the company's financial reporting. The internal review, conducted by the Audit Committee, concluded that revenues recognized during the fiscal year ended March 31, 2020, were appropriate, and there were no impairments in intangible assets and goodwill as reflected on the company's Form 6-K dated March 31, 2021. Furthermore, no material weaknesses in internal controls over financial reporting were identified.
In a parallel development, the United States Securities and Exchange Commission (SEC) has closed its investigation into Eros Media World and its affiliates, with no enforcement action recommended. This conclusion marks the end of the SEC's scrutiny into allegations that included inflated revenues and misleading financial statements.
The company has faced multiple challenges, including short-seller attacks and three separate SEC investigations into alleged financial discrepancies. However, with these investigations now closed, Eros Media World looks to move forward without the cloud of regulatory concerns.
Kishore Lulla, Executive Director of Eros Media World Group, expressed relief and gratitude for the resolution of these issues and acknowledged the legal counsel that represented the company during the investigations.
Eros Media World Plc specializes in acquiring, co-producing, and distributing films, digital content, and music through various platforms such as theatrical releases, television, OTT digital media streaming, and the emerging web 3.0 ecosystem, serving a global audience.
This announcement is based on a press release statement issued by Eros Media World Plc.
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