Press release from Business Wire
Kendall Law Group Announces Class Action on Behalf of TeleNav, Inc. Shareholders
Tuesday, September 07, 2010
Kendall Law Group Announces Class Action on Behalf of TeleNav, Inc. Shareholders15:29 EDT Tuesday, September 07, 2010 DALLAS (Business Wire) -- Kendall Law Group, a national securities firm, announced today that it plans to join a lawsuit on behalf of shareholders of TeleNav, Inc. (NASDAQ: TNAV), alleging securities violations by the Company and certain of its officers for violations of federal securities laws. Purchasers of TeleNav common stock pursuant to the Company's alleged false and misleading registration statement and prospectus issued in connection with its May 13, 2010 initial public offering (IPO) are urged to contact attorney Scott Kendall at 877-744-3728 or firstname.lastname@example.org to learn more about your rights. TeleNav, certain of its officers and directors and the underwriters of the IPO have been charged with violations of the Securities Act of 1933. The class action complaint filed alleges that on May 13, 2010, TeleNav completed its IPO but failed to disclose adverse facts. TeleNav did not reveal that its current contract with Sprint Nextel Corporation, TeleNav's largest customer, was up for renegotiation and that Sprint was not willing to continue with the same contract terms beyond December 31, 2010. On July 29, 2010, in filings with the Securities and Exchange Commission, TeleNav disclosed negotiations regarding contract roll-over with Sprint had been started early and that the contract roll-over, if successful, would probably lead to an aggregate reduction in revenue from its largest customer. TeleNav's stock price experienced a one-day decline of 39% on high volume trading after the news broke. Kendall Law Group has the credentials and experience to pursue any type of complex securities litigation in the nation. The firm, led by a former federal judge and a former U.S. Attorney, is a national securities firm that represents shareholders when publicly traded companies violate the law. Shareholders who purchased TeleNav stock pursuant to the Company's alleged false and misleading registration statement and prospectus issued in connection with its IPO may have a claim against the company and are urged to contact attorney Scott Kendall for more information.