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TeleNav Inc (NASDAQ: TNAV) Investor Securities Class Action Lawsuit 09/02/2010

  • If you purchased shares of TeleNav Inc (NASDAQ: TNAV), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
TeleNav, Inc.
Security
NASDAQ: TNAV

Case Name
TeleNav Shareholder Class Action Lawsuit 09/02/2010
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of California

Class Period Begin
Class Period End
Deadline To File for Lead
Settlement Notice
telenav_inc_settlement_notice_11_2011.pdf
Settlement Proof
telenav_inc_settlement_proof_11_2011.pdf
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$3,800,000.00
Deadline to Participate in Settlement

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Summary

May 16, 2012 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.
November 15, 2011 - The court preliminarily approved the settlement.

July 15, 2011 - Parties filed a stipulation of settlement.

May 4, 2011 - The defendants filed a motion to dismiss.

March 21, 2011 - The lead plaintiff filed an amended complaint.

February 3, 2011 - The lead plaintiff and lead counsel were appointed.

November 1, 2010 - A lead plaintiff motion was filed.

September 2, 2010 - An investor in shares of TeleNav Inc (NASDAQ: TNAV) has filed a lawsuit in the U.S. District Court for the Northern District of California against TeleNav Inc over alleged violations of Federal Securities Laws.

According to the complaint the plaintiff alleges that TeleNav Inc and certain of its officers and directors violated the Securities Act of 1933 by issuing a registration statement and prospectus in connection with its May 13, 2010 initial public offering that was false and misleading.

TeleNav Inc, located in Sunnyvale, CA is a provider of wireless location-based services (LBS), including global positioning system (GPS) navigation, mobile resource management (MRM), asset GPS tracking (AVL) and local search. TeleNav Inc went public in May 2010, and its shares started in May 2010 at almost $10. While TeleNav Inc (NASDAQ: TNAV) stayed above $8 per share for the past three months, they lost almost 50% of its May value on July 30, 2010 and recently traded at $5.09 per share. On July 29, 2010, after the market closed TeleNav Inc disclosed on July 29, 2010, that it was currently renegotiating its contract with its largest customer, Sprint Nextel Corp. On this news, so the lawsuit, TeleNav Inc’s stock price declined $3.47 per share, to close to $5.44 per share on July 309, 2010, a one day decline of 39% on high volume. TeleNav Inc’s stock continued to decline to as low as $4.68 per share on August 10, 2010, but recovered roughly $1 in value and traded currently at $5.46 per share, still over 30% less value than during July 2010.

Date Settled