An investigation was announced concerning possible violations of securities laws by Telenav, Inc. in connection with certain financial statements was announced.
Investors who purchased shares of Telenav, Inc. (NASDAQ: TNAV), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on 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.
Santa Clara, CA based Telenav, Inc., together with its subsidiaries, provides connected car and location-based platform services in the United States and internationally. Telenav, Inc. reported that its Total Revenue rose from $106.18 million for the 12 months period that ended on June 30, 2018 to $220.89 million for the 12 months period that ended on June 30, 2019, and that its Net Loss over those respective time periods declined from $89.11 million to $32.48 million.
On February 11, 2020, Telenav, Inc 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."
Shares of Telenav, Inc (NASDAQ: TNAV) closed on February 18, 2020, at $5.96 per share.
Those who purchased shares of Telenav, Inc. (NASDAQ: TNAV) have certain options and should contact the Shareholders Foundation.
Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
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Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
