NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of Telenav, Inc. (NASDAQ: TNAV) resulting from allegations that Telenav may have issued materially misleading business information to the investing public.
On February 11, 2020, Telenav disclosed 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.” On this news, Telenav’s stock price fell $0.28 per share, or over 4%, to close at $5.92 per share on February 12, 2020.
On February 13, 2020, Telenav filed Forms 10-Q and 10-Q/A with the SEC which further detailed the issues announced in the Form 12b-25. On this news, Telenav’s stock price fell $0.46 per share, or 7%, to close at $5.86 per share on February 14, 2020.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Telenav investors. If you purchased shares of Telenav please visit the firm’s website at http://www.rosenlegal.com/cases-register-1778.html to join the class action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at firstname.lastname@example.org or email@example.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors.
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