Press release from Business Wire
The Shuman Law Firm Announces the Filing of a Class Action Lawsuit Against TeleNav, Inc.
Tuesday, September 07, 2010
BOULDER, Colo. (Business Wire) -- The Shuman Law Firm today announced that a class action has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of TeleNav, Inc. ("TeleNav" or the "Company") (NASDAQ:TNAV) common stock 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”).
If you wish to discuss this action or have any questions concerning this notice or your rights and interests with respect to this matter, please contact Kip B. Shuman or Rusty E. Glenn toll free at (866) 974-8626 or email Mr. Shuman at email@example.com or Mr. Glenn at firstname.lastname@example.org.
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, the complaint 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.
If you purchased TeleNav common stock pursuant to the Registration Statement issued in connection with the Company's May 13, 2010 IPO, you may request that the Court appoint you as lead plaintiff of the class no later than 60 days from September 2, 2010. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and shareholder derivative actions.