Eros Int'l (EROS) Pressured Amid Negative Blog Post

Eros International (NYSE: EROS) is on watch amid a negative blog post from SeekingAlpha issued Friday afternoon. Shares are down over 15 percent.

(NOTE: Street Watchdog is also bearish on Eros, according to a report issued Thursday.)

Key points made in the post:

• Management avoided releasing a movie list until the stock dropped 30%. They provided a list of distributed films that had fewer films on it than they have previously publicly disclosed.
• 34 films, or 26% of the films in management’s list, were theatrically released prior to the fiscal year indicated. One additional film has yet to be released.
• Based on public data sources, Eros appears to have overstated theatrical revenues by at least 116% and 49% during the fiscal years 2015 and 2014.
• We now believe there is irrefutable evidence that the company’s theatrical revenues are substantially below what it has reported.

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