SOURCE: Brower Piven, A Professional Corporation

September 17, 2010 18:24 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $50,000 From Investment in TeleNav, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the November 1, 2010 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - September 17, 2010) -  Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of the common stock of TeleNav, Inc. ("TeleNav" or the "Company") (NASDAQ: TNAV) pursuant to the Company's Registration Statement and Prospectus issued in connection with its May 13, 2010 initial public offering (the "Class Period").

The complaint accuses the defendants of violations of the Securities Act of 1933 by virtue of the Company's failure to disclose in the Registration Statement issued in connection with the Company's initial public offering that the Company would soon be renegotiating its then current contract for TeleNav to provide Sprint Nextel Corporation ("Sprint"), its largest customer, with its Sprint Navigation application, which would result in lower overall revenues to TeleNav; that Sprint's unwillingness to continue with the same contract terms beyond December 31, 2010 would not only mean lower revenues from Sprint, but would have negative implications for TeleNav's other wireless relationships; and that adverse changes to the Sprint relationship would cause TeleNav's results to trend adversely as compared to the trends included in the Registration Statement. According to the complaint, after the Company revealed on July 29, 2010 that it had started negotiations regarding contract roll-over with Sprint early, and if successful, the contract roll-over would probably lead to an aggregate reduction in revenue from its largest customer, the value of TeleNav's stock declined significantly.

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than November 1, 2010 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff. 

If you have suffered a net loss for all transactions in TeleNav, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 50 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact