Telenav, Inc. (TNAV)
Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Telenav, Inc. (TNAV)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Telenav, Inc.("Telenav") (NASDAQ: TNAV). The investigation concerns whether Telenav and certain of its officers and/or directors have violated federal securities laws.
On February 11, 2020, Telenav disclosed in a U.S. Securities and Exchange Commission 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. Specifically, Telenav stated that “[t]he 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.” On this news, Telenav’s stock price fell $0.28 per share, or 4.52%, to close at $5.92 per share on February 12, 2020.
If you are aware of any facts relating to this investigation, or purchased Telenav shares, you can learn more about the investigation by contacting Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.