NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, is investigating potential claims against Telenav, Inc. (NASDAQ: TNAV) on behalf of Telenav stockholders. Our investigation concerns whether Telenav has violated the federal securities laws and/or engaged in other unlawful business practices.
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On February 11, 2020, Telenav disclosed, in an SEC filing, that it is unable to file its Quarterly Report on Form 10-Q for the period ended December 31, 2019, within the prescribed period. In the SEC filing the Company stated, “The Audit Committee of the Board of Directors concluded that the Company has a material weakness in its internal control over financial reporting as of September 30, 2019 and December 31, 2019 related to a design deficiency in the Company’s review controls over unusual or non-recurring and significant transactions. Specifically, the Company’s controls were not properly designed to provide reasonable assurance that it timely identifies and assesses the accounting implications of terms in unusual or non-recurring agreements. As a result of the material weakness, the Audit Committee has concluded that the Company’s internal control over financial reporting and disclosure controls and procedures were not effective as of September 30, 2019 and December 31, 2019.”
Following this news, shares of Telenav were down over 22% in pre-market trading on February 12, 2020, to close at $5.92 per share.
If you purchased or otherwise acquired Telenav shares and suffered a loss, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato or Marion Passmore by email at firstname.lastname@example.org, or telephone at (646) 860-9156, or by filling out this contact form. There is no cost or obligation to you.
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