WILMINGTON, Del., Nov. 09, 2020 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating potential breach of fiduciary duty claims against the Board of Directors of Telenav, Inc. (NASDAQGS: TNAV) (“Telenav” or the “Company”) relating to the sale of the Company to affiliates of Telenav’s co-founder, President and CEO, HP Jin (“Jin”) and Telenav director Samuel Chen (“Chen”). On November 3, 2020, the two sides announced the signing of a definitive merger agreement pursuant to which Jin and Chen will acquire Telenav in a merger in a deal worth $241 million. As a result of the merger, Telenav shareholders are only anticipated to receive $4.80 per share in cash in exchange for each share of Telenav.
Andrews & Springer’s investigation so far has revealed that the consideration Telenav shareholders are expected to receive is inadequate. While the Company claims that shareholders will receive a premium for their shares, the $4.80 merger price actually represents a 1.43% discount to Telenav’s $4.87 per share closing price on August 21, 2020. In addition, the $4.80 per share merger consideration represents an 18.5% discount to Telenav’s $5.89 per share closing on August 10, 2020. Our investigation has also revealed that the process leading up to the announcement of the merger appears to have significant conflicts of interest thus making the process and consideration unfair.
If you own shares of Telenav and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/telenav-class-action-investigation/ or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.
Contact:
Craig J. Springer, Esq.
cspringer@andrewsspringer.com
Toll Free: 1-800-423-6013