Thieler Law Corp, member of the Investor Attorney Network, is investigating whether certain officers and directors of Telenav Inc (NASDAQ: TNAV) violated securities laws in connection with certain financial statements.
The investigation seeks to discover if possible claims on behalf of purchasers of the securities of Telenav Inc (NASDAQ: TNAV) concerning whether a series of statements by Telenav Inc regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
On February 11, 2020, the Company revealed that it would be unable to timely file its quarterly report for the period ended December 31, 2019. In a Form 12b-25 filed with the SEC, Telenav stated that it had "updated its reporting of revenue related to its agreements with Grab Holdings, Inc." resulting in revenue corrections for the quarter ended September 30, 2019 and other adjustments. Telenav also disclosed that there was "a material weakness in its internal control over financial reporting as of September 30, 2019 and December 31, 2019."
Following this news, NASDAQ: TNAV fell $0.28 per share, or 4.52%, to close at $5.92 per share on February 12, 2020.
Based in Santa Clara, California, and founded in 1999 Telenav Inc provides connected car and location-based platform services in the United States and internationally.
If you purchased shares of Telenav Inc (NASDAQ: TNAV) on or before February 11, 2020, you should contact Thieler Law Corp at mail@thielerlaw.com or call +1 (619) 377 - 4324.
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