DOUGLAS, Isle of Man – Eros Media World plc, a global media and entertainment company, today announced that an internal investigation has found no impropriety in the company’s financial statements. The internal review, conducted by the Audit Committee, concluded that the revenue recognized during the fiscal year ended March 31, 2020 was appropriate and that there was no impairment of intangible assets and goodwill as disclosed on the Company’s Form 6-K dated March 31 March, 2021. Furthermore, no significant weaknesses in internal financial reporting controls were identified.
In a parallel development, the United States Securities and Exchange Commission (SEC) closed its investigation into Eros Media World and its subsidiaries, with no recommendations for action. The conclusion marks the end of the SEC’s investigation into allegations that included inflated revenues and misstated financial statements.
The company has faced multiple challenges, including attacks by short-sellers and three separate SEC investigations into alleged financial discrepancies. However, with these investigations now closed, Eros Media World is looking to move forward without the cloud of regulatory concerns.
Kishore Lulla, CEO of Eros Media World Group, expressed relief and gratitude for the resolution of these issues and thanked the legal counsel who represented the company during the investigation.
Eros Media World Plc specializes in the acquisition, co-production and distribution of 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 from Eros Media World Plc.
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