Press release from Business Wire
Law Offices of Howard G. Smith Announces Class Action Lawsuit Against TeleNav, Inc.
Thursday, September 02, 2010
Law Offices of Howard G. Smith Announces Class Action Lawsuit Against TeleNav, Inc.21:00 EDT Thursday, September 02, 2010 BENSALEM, Pa. (Business Wire) -- Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of all persons or entities who purchased the common stock of TeleNav, Inc. (“TeleNav” or the “Company”) (NASDAQ:TNAV) pursuant to the Company's Registration Statement and Prospectus (collectively, the “Registration Statement”) issued in connection with its May 13, 2010, initial public offering (the “IPO”). The class action lawsuit was filed in the United States District Court for the Northern District of California. TeleNav provides wireless location-based services in North and South America, Asia, and Europe. The Complaint alleges that the Company and certain of its executive officers and/or directors violated federal securities laws by issuing material misrepresentations to the market concerning TeleNav's business, operations and financial prospects, thereby artificially inflating the price of the Company's securities. Specifically, plaintiff alleges that the Registration Statement was materially false and misleading and failed to disclose that: (a) the Company would soon be renegotiating its contract to provide its largest customer, Sprint Nextel Corporation (“Sprint”), with its Sprint Navigation application, which would result in lower overall revenues to TeleNav; (b) Sprint's unwillingness to continue with the same contract terms beyond December 31, 2010 would result in lower revenues from Sprint and negatively affect TeleNav's other wireless relationships; and (c), as a result, the foregoing would cause TeleNav's financial results to trend adversely compared to the trends included in the Registration Statement. No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased TeleNav common stock pursuant to the Registration Statement issued in connection with the Company's May 13, 2010 IPO, you have certain rights, and have 60 days from the date of this Notice to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, Toll-Free at (888) 638-4847, by email to firstname.lastname@example.org or visit our website at www.howardsmithlaw.com.