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CORRECTING and REPLACING HBSS Announces TNAV Investors Must Move to be Lead Plaintiff by Nov. 1, 2010

_{//science-technology.news-articles.net/content/2 .. ust-move-to-be-lead-plaintiff-by-nov-1-2010.html}
^{Published in Science and Technology on Wednesday, October 27th 2010 at 18:40 GMT by Market Wire}  

SAN FRANCISCO--([ BUSINESS WIRE ])--The headline and the first and second graphs of release dated Oct. 11, 2010, should indicate that the deadline is November 1, 2010, (sted November 2, 2010)

The corrected release reads:

HBSS ANNOUNCES TNAV INVESTORS MUST MOVE TO BE LEAD PLAINTIFF BY NOV. 1, 2010

Hagens Berman Sobol Shapiro LLP (HBSS) reminds investors that they must move to be a lead plaintiff in a lawsuit against TeleNav Inc. (aTeleNava) (Nasdaq:TNAV) and certain of its Officers by November 1, 2010.

If you purchased stock in TeleNav before July 30, 2010, and you wish to serve as lead plaintiff, you must move the Court by November 1, 2010. You may discuss such participation or your rights by contacting Hagens Berman partner Reed R. Kathrein at 510.725.3000, or at [ TNAV@hbsslaw.com ]. Details of the case and investigation can be found at [ http://www.hbsslaw.com/cases-and-investigations/telenav ] and [ http://www.hbsslaw.com/newsroom/?nid=1925 ].

Hagens Berman advises investors seeking representation to move to be a lead plaintiff to consider the investigation of counsel in making their decision, as well as counsela™s reputation, skills and resources.

The lawsuit, currently under investigation, alleges that TeleNav filed a false and misleading registration statement in connection with the companya™s May 13 initial public offering. The registration statement showed that 55 percent of TeleNava™s business came from wireless carrier Sprint Nextel Corp. and that the contract with Sprint was not due to expire until December 2011. Following the IPO, TeleNava™s stock traded as high as $9 per share until July 29, when the company dropped the aSprint Bombshell.a

Less than three months after its IPO, TeleNav revealed that it was already in aactive negotiationsa with Sprint to amend material terms of its contract with the wireless carrier. On July 30, TeleNava™s stock price plunged, eventually closing at $5.44 per share, a one-day decline of 39 percent. Over the next several weeks, the share price continued to decline as stock analysts from JP Morgan and Deutsche Bank Securities downgraded the stock due to the potential revenue loss associated with the evolving contract with Sprint.

On September 20, 2010, TeleNav announced it had reached a new agreement with Sprint that would in fact lead to lower revenues, and that Sprint-branded navigation services will transition to TeleNav-branded navigation over time. On October 7, 2010, TeleNav stock traded as low as $5.14 per share.

The lawsuit alleges that TeleNav failed to disclose that it was, or would shortly be, renegotiating material terms to its contract with Sprint and that the renegotiated contract would likely result in significant revenue declines at TeleNav. Key allegations include that TeleNav knew at the time of the offering that negotiations would commence shortly with Sprint over renewal of their contract; that TeleNav executives had already started preliminary discussions with Sprint; and that TeleNav executives knew, at the time of the IPO, that a asuccessful renegotiationa of the Sprint contract would lead to a areduction of revenuea from the carrier.

HBSSa™s in-house investigation indicates TeleNav knew prior to its IPO that Sprint complained about devoting resources to the TeleNav navigation product and would not pre-load it onto Sprinta™s Android phones. HBSSa™s investigation also indicates that TeleNav was told Sprint would pre-load Googlea™s free service instead, and TeleNav could sell their service through their new Sprint Zone application. With that news, TeleNav had already begun development efforts to rebrand Sprint Nav to a TeleNav brand.

About Hagens Berman

Seattle-based Hagens Berman Sobol Shapiro LLP represents whistleblowers, investors and consumers in complex litigation. The firm has offices in Boston, Chicago, Los Angeles, Phoenix, San Francisco and Washington, D.C. Founded in 1993, HBSS continues to successfully fight for investor rights in large, complex litigation. More about the law firm and its successes can be found at [ http://www.hbsslaw.com/home/ ]. Visit the firma™s securities blog at [ www.meaningfuldisclosure.com ].