San Diego, CA -- (SBWIRE) -- 02/26/2020 -- Telenav, Inc. is under investigation over potential securities laws violations in connection with certain financial statements.
Investors who purchased shares of Telenav, Inc. (NASDAQ: TNAV), have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Telenav, Inc. (NASDAQ: TNAV) concerning whether certain statements by Telenav, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Santa Clara, CA based Telenav, Inc., together with its subsidiaries, provides connected car and location-based platform services in the United States and internationally. On February 11, 2020, Telenav, Inc 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."
Those who purchased shares of Telenav, Inc. (NASDAQ: TNAV) have certain options and should contact the Shareholders Foundation.
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