Telenav, Inc. (NASDAQ: TNAV)
According to the Complaint, Telenav, Inc. is a leading provider of connected car and location-based services.
On November 3, 2020, Telenav issued a press release announcing the Proposed Transaction, pursuant to which Telenav will be acquired by V99, Inc., a newly formed entity led by Telenav’s Chief Executive Officer and Chairman, through V99’s wholly owned subsidiary Telenav99, Inc. Under the terms of the Merger Agreement, each holder of Telenav common stock will receive $4.80 in cash for each share of Telenav common stock they own. The Proposed Transaction is valued at approximately $241 million.
On January 8, 2021, Telenav filed a Schedule 14A Definitive Proxy Statement with the SEC. The Complaint alleges that the Proxy Statement, which recommends that Telenav stockholders vote in favor of the Proposed Transaction, omits or misrepresents material information concerning, among other things: (i) Company management’s financial projections and the data and inputs underlying the financial valuation analyses that support the fairness opinion provided to the Special Committee of the Board’s financial advisor; and (ii) the financial advisor’s potential conflicts of interest.