Press release from Business Wire
Ryan & Maniskas, LLP Announces Class Action Lawsuit Against TeleNav, Inc.
Monday, September 13, 2010
Ryan & Maniskas, LLP Announces Class Action Lawsuit Against TeleNav, Inc.19:00 EDT Monday, September 13, 2010 WAYNE, Pa. (Business Wire) -- Ryan & Maniskas, LLP (www.rmclasslaw.com/cases/tnav) announces that a class action lawsuit has been filed 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 false and misleading Registration Statement and Prospectus (the "Registration Statement") issued in connection with its May 13, 2010 initial public offering ("IPO"). For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at firstname.lastname@example.org or visit: www.rmclasslaw.com/cases/tnav. TeleNav provides wireless location-based services in North and South America, Asia, and Europe, including global positioning system ("GPS") navigation, mobile resource management, asset GPS tracking, and local search. TeleNav's largest wireless relationship is with Sprint Nextel Corporation ("Sprint"). The complaint charges TeleNav and certain of its officers and directors with violations of the Securities Exchange Act of 1933. Specifically, the complaint alleges that TeleNav issued a false and misleading IPO Registration Statement that failed to disclose information pertaining to the Company's business, operations, and financial prospects. Additionally, the complaint alleges that TeleNav, in its Registration Statement, did not disclose that its current contract with Sprint, 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, the Company announced its fourth quarter fiscal 2010 results and disclosed that it had started negotiations regarding contract roll-over with Sprint early. If successful, the Company revealed that the contract roll-over would probably lead to an aggregate reduction in revenue from its largest customer. On this news, TeleNav's stock price fell $3.47 per share, to close at $5.44 per share on July 30, 2010, a one-day decline of 39% on high volume. If you are a member of the class (those who bought shares of TeleNav between May 13, 2010 and July 29, 2010), you may, no later than November 1, 2010, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action. For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/tnav, or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at email@example.com. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.