It also questioned the firm’s revenue figures in the UAE, where Eros says annual revenue more than doubled in the past fiscal year to $103.8 million.

“We are not going to comment on an unknown person who hides behind an alias on social media to make ridiculous and outrageous accusations,” Whit Clay, an outside spokesman for Eros, told Bloomberg.

But Eros held a conference call on Oct. 23 to help clear up investors’ concerns—after which Eric Katz, the Wells Fargo analyst, was dissatisfied enough to lower his rating on the NYSE-listed stock, according to Bloomberg.

One concern of Katz’s involves the reported number of users on ErosNow—a film and music streaming service that Eros says had crossed the 30 million-user mark as of Sept. 30. From Bloomberg’s story:

“We’re still feeling uncertain about the ErosNow user count,” Katz wrote. “Public websites that track app downloads (i.e. App Annie) show relatively low rankings for ErosNow vs. other Indian streaming services with lower user counts. We can’t reconcile the disparity and it’s a red flag for investors.”

In a statement dated Oct. 26, Eros said it ”would like to confirm that nothing has materially changed to the strong business fundamentals” of the company. “We have significantly grown the business over the last decade and continue to be market leaders in the Indian film industry with a dominant market share of the global Indian box office.”

Eros, headed by producer Kishore Lulla, has been hailed as the content king of Bollywood. Founded by Lulla’s father, Arjan, in 1977, the company has a library of more than 3,000 films and distributes content in more than 50 countries.

In November 2012, it launched ErosNow, which provides on-demand entertainment and is valued at around $800 million.

The group’s digital expansion has invited comparisons to Netflix and attracted the interest of several marquee global investors, including Fullerton Global and Temasek.

But what it’s inviting now, mainly, is scrutiny.

(Update: This post has been updated with the Oct. 26 closing price for Eros’ NYSE-listed shares.)

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