(TNAV) Alert: Johnson Fistel Launches Investigation into Telenav, Inc.; Investors Encouraged to Contact Firm
SAN DIEGO, Feb. 12, 2020 /PRNewswire/ -- Shareholder Rights Law Firm Johnson Fistel, LLP, is investigating potential claims against Telenav, Inc. (NASDAQ: TNAV) ("Telenav " or the "Company") for violations of federal securities laws.
On February 11, 2020, Telenav disclosed, in an SEC filing, that it is unable to file its Quarterly Report on Form 10-Q for the period ended December 31, 2019, within the prescribed period. In the SEC filing the Company stated, "The Audit Committee of the Board of Directors concluded that the Company has a material weakness in its internal control over financial reporting as of September 30, 2019 and December 31, 2019 related to a design deficiency in the Company's review controls over unusual or non-recurring and significant transactions. Specifically, the Company's controls were not properly designed to provide reasonable assurance that it timely identifies and assesses the accounting implications of terms in unusual or non-recurring agreements. As a result of the material weakness, the Audit Committee has concluded that the Company's internal control over financial reporting and disclosure controls and procedures were not effective as of September 30, 2019 and December 31, 2019."
Following this news, shares of Telenav were down over 22% in pre-market trading on February 12, 2020.
If you have information that could assist in this investigation, including past employees and others, or if you are a Telenav shareholder and are interested in learning more about the investigation, please contact Jim Baker ([email protected]) by email or phone at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
[email protected]
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SOURCE Johnson Fistel, LLP
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