SAN DIEGO, Feb. 12, 2020 /PRNewswire/ -- Shareholder Rights
Law Firm Johnson Fistel, LLP, is investigating potential claims
against Telenav, Inc. (NASDAQ: TNAV) ("Telenav " or the
"Company") for violations of federal securities laws.
On February 11, 2020, Telenav
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."
Following this news, shares of Telenav were down over 22% in
pre-market trading on February 12,
2020.
If you have information that could assist in this
investigation, including past employees and others, or if you are
a Telenav shareholder and are interested in learning more
about the investigation, please contact Jim
Baker (jimb@johnsonfistel.com) by email or phone at
619-814-4471. If emailing, please include a phone number.
Additionally, you can [click here to join this
action]. There is no cost or obligation to you.
About Johnson Fistel,
LLP:
Johnson Fistel, LLP is a nationally
recognized shareholder rights law firm with offices in California, New
York, and Georgia. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit
http://www.johnsonfistel.com. Attorney advertising. Past results do
not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
[click here to join this action]
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SOURCE Johnson Fistel, LLP