Press release from Business Wire
Shareholder Alert: The Briscoe Law Firm and Powers Taylor, LLP Investigate Possible Breaches of Fiduciary Duties by the Officers and Directors of TeleNav, Inc.
Friday, September 10, 2010
Shareholder Alert: The Briscoe Law Firm and Powers Taylor, LLP Investigate Possible Breaches of Fiduciary Duties by the Officers and Directors of TeleNav, Inc.12:52 EDT Friday, September 10, 2010 DALLAS (Business Wire) -- The Briscoe Law Firm, PLLC, founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the law firm of Powers Taylor, LLP are investigating potential legal claims available to purchasers of TeleNav, Inc. (“TNAV” or “Company”) (NASDAQ: TNAV). It has been alleged that TNAV and certain of its officers and directors violated the Securities Exchange Act of 1933 by issuing materially false and misleading statements regarding TNAV's operations and its financial outlook in a registration statement and prospectus associated with the Company's initial public offering (IPO). Specifically, a recently filed federal complaint alleges that on May 13, 2010 TeleNav completed the IPO but allegedly failed to disclose certain adverse facts, including that TNAV's current contract with Sprint Nextel, the Company's largest customer, was up for renegotiation and that Sprint Nextel was allegedly not willing to continue with the same contract terms beyond December 31, 2010. The complaint further alleges that the contract negotiations will result in lower overall revenues to TNAV. As a result of defendants' alleged false statements, TNAV's stock traded at artificially inflated prices. If you currently own or purchased TeleNav/TNAV shares and would like additional information regarding this investigation or if you have information regarding the allegations against TNAV, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at email@example.com, or Willie Briscoe at The Briscoe Law Firm, PLLC, toll free (877) 397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you. The Briscoe Law Firm is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters. Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.