The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Telenav, Inc. (“Telenav” or “the Company”) (NASDAQ: TNAV) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Telenav admitted on February 11, 2020, that it would be unable to file its quarterly report for the period ended December 31, 2019, in a timely manner. The Company filed a Form 12b-25 filed with the SEC, stating that it had “updated its reporting of revenue related to its agreements with Grab Holdings, Inc.” which resulted in revenue corrections for the quarter ending September 30, 2019, among other adjustments. Telenav also admitted “a material weakness in its internal control over financial reporting as of September 30, 2019 and December 31, 2019.”
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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