David Smith, individually and on behalf of all other similarly situated v. Telenav Inc., H.P. Jin, Douglas S. Miller, Shawn Carolan, Samuel Chen, Hon Jane Chiu, Soo Boon Koh, Joseph M. Zaelit, J.P. Morgan Securities Inc., Deutsche Bank Securities Inc.
Published: Dec. 31, 2011 | Result Date: Dec. 7, 2011 | Filing Date: Jan. 1, 1900 |Case number: 10-cv-03942-SC Settlement – $3,800,000
Court
USDC Northern
Attorneys
Plaintiff
Shawn A. Williams
(Robbins, Geller, Rudman & Dowd LLP)
Darren J. Robbins
(Robbins, Geller, Rudman & Dowd LLP)
David C. Walton
(Robbins, Geller, Rudman & Dowd LLP)
Tricia L. McCormick
(Robbins, Geller, Rudman & Dowd LLP)
Daniel J. Pfefferbaum
(Robbins, Geller, Rudman & Dowd LLP)
Defendant
Benjamin M. Crosson
(Wilson, Sonsini, Goodrich & Rosati)
Patrick E. Gibbs
(Cooley LLP)
Boris Feldman
(Freshfields Bruckhaus Deringer LLP )
Caz Hashemi
(Wilson, Sonsini, Goodrich & Rosati PC)
Facts
A securities class action was filed against TeleNav Inc. and several others alleging false and misleading information related to its initial public offering (IPO). TeleNav provided wireless location-based services, including global positioning system, delivered via a mobile device. TelNav's IPO was priced at $8.00 per share and largely traded in the $8-9.00 range until July 29, 2010 where TelNav announced its contract roll-over with Sprint. Its stock price plunged and closed at $5.44 per share and continued to fall below $5.00 per share.
Result
The matter was settled for $3.8 million.
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