|Company Name||Telenav, Inc.|
On February 11, 2020, Telenav disclosed that it was unable to timely file its quarterly report for the period ended December 31, 2019. In a Form 12b-25 filed with the SEC, the Company stated that it had “updated its reporting of revenue related to its agreements with Grab Holdings, Inc.,” resulting revenue corrections for the quarter ended September 30, 2019 and other adjustments. Telenav also disclosed that there was ”a material weakness in its internal control over financial reporting as of September 30, 2019 and December 31, 2019.”
On this news, the Company’s shares fell sharply during after-hours trading on February 11, 2020, thereby injuring investors.
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