Press release
Lawsuit filed for Investors who lost money with shares of Luna Innovations Incorporated (NASDAQ: LUNA)
A lawsuit was filed on behalf of investors in Luna Innovations Incorporated (NASDAQ: LUNA) shares.
Investors who purchased shares of Luna Innovations Incorporated (NASDAQ: LUNA) have certain options and for certain investors are short and strict deadlines running. Deadline: May 31, 2024. NASDAQ: LUNA investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Roanoke, VA based Luna Innovations Incorporated provides fiber optic test, measurement, and control products worldwide. On October 17, 2023, Luna Innovations Incorporated announced that its Chief Financial Officer (Eugene Nestro) left his position; no explanation for Nestro's departure was given at the time.
On March 12, 2024, Luna Innovations Incorporated announced it will delay the release of its fourth quarter and fiscal year 2023 financial results. A Special Committee of the Company's Board of Directors is conducting an independent review, with the aid of external legal and financial advisors, of certain transactions for which revenue was recognized in the second and third quarters of 2023 that did not qualify for revenue recognition under U.S. generally accepted accounting principles. Additionally, the Company expects to report material weaknesses in internal controls.
Shares of Luna Innovations Incorporated (NASDAQ: LUNA) declined from $7.92 per share on February 12, 2024, to as low as $3.56 per share on March 18, 2024.
The plaintiff claims that between August 11, 2023 and March 25, 2024, the Defendants failed to disclose to investors that Luna financial statements from August 10, 2023 to the present included false figures as a result of improper revenue recognition, that as a result, Luna would need to restate its previously filed financial statements from August 10, 2023 to November 14, 2023, that Luna lacked adequate internal controls, and that as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
Those who purchased shares of Luna Innovations Incorporated (NASDAQ: LUNA) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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