NEW YORK, Feb. 18, 2020 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Telenav, Inc. ("Telenav" or the "Company") (NASDAQ: TNAV). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Telenav and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 9980
SOURCE Pomerantz LLP