NEW YORK, NY - 
(NewMediaWire) - May 10, 2024 - Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) reminds investors that a complaint has been filed on behalf of purchasers of Luna Innovations Inc. (“Luna” or the “Company”) (NASDAQ: LUNA) securities between August 11, 2023 and March 25, 2024 (the “Class Period”). Click Here to Join Investigation.
Deadline Reminder: If you are a member of the proposed Class, you may move the court no later than May 31, 2024 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
On March 12, 2024, after the market closed, Luna filed a Form 8-K with the SEC announcing it would need to restate its financial statements for the second and third quarters of 2023 and disclosing that a Special Committee of the Board of Directors is conducting an independent review, with the assistance 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 filed a late filing notice on Form NT 10-K delaying the filing of it Form 10-K for the fiscal yar ended December 31, 2023, which disclosed that SEC filing disclosed that the Special Committee is examining the Company’s disclosure controls and internal control over financial reporting, and “anticipates reporting material weaknesses in internal controls related to evaluating customer arrangements for proper revenue recognition and other controls. . . .”
Following this news, the price of Luna stock fell $2.24 per share, or about 35.8%, to close at $4.02 per share on March 13, 2024.
Then, according to the complaint, on March 25, 2024, after the market closed, the Company announced that its President and Chief Executive Officer had retired, effective immediately.
Following this news, the price of Luna stock fell by $0.41 per share, or 11.54%, to close at $3.14 per share on March 26, 2024.
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If you have any questions about this investigation, please contact:
Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
