SEC Closes Investigation into Eros Media World plc and Affiliates; Internal Investigation Reveals No Wrongdoing

On January 22, 2025, Eros Media World plc, a global media and entertainment company, announced that its internal review of certain accounting practices and internal controls has been concluded, with the Audit Committee determining that no revenues of the Company recognized during the fiscal year ended March 31, 2020, were inappropriately recognized, and finding no impairment in the intangible assets and goodwill reflected on the Company's Form 6-K dated March 31, 2021. In addition, the Audit Committee found no material weaknesses in internal controls over financial reporting.

Furthermore, Eros Media World plc announced that the investigation opened by the United States Securities and Exchange Commission ("SEC") into the above subject matters, among other issues, has been closed, with the SEC not recommending an enforcement action against the Company, or any of its affiliates, officers or employees. Cravath represented Eros Media plc in connection with the investigation and related matters.

The Cravath team included partner Rachel G. Skaistis, of counsel Jenny X. Zhang and associate Kathleen E. Young.