This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Ryan & Maniskas, LLP Announces Class Action Lawsuit Against TeleNav, Inc.

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 rmaniskas@rmclasslaw.com 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.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,582.35 +225.48 1.30%
S&P 500 2,026.61 +13.72 0.68%
NASDAQ 4,709.8710 +65.5590 1.41%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs