LUNA INNOVATIONS INCORPORATED SHAREHOLDERS HAVE AN OPPORTUNITY TO RECOVER THEIR INVESTMENT LOSSES
Luna Innovations Incorporated
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired Luna Innovations Incorporated (“Luna Incorporated” or the “Company”) (NASDAQ: LUNA) securities between August 11, 2023 and March 25, 2024, inclusive. The lawsuit seeks to recover Luna Innovations shareholders’ investment losses.
If you purchased securities in Luna Innovations between August 11, 2023 and March 25, 2024, inclusive, and would like to discuss your legal rights and/or options, please click “Join Class Action” above.
According to the Complaint, Defendants failed to disclose to investors that: (1) Luna Innovations’ financial statements from August 10, 2023 to the present included false figures as a result of improper revenue recognition; (2) as a result, Luna Innovations would need to restate its previously filed financial statements from August 10, 2023 to November 14, 2023; and (3) Luna Innovations lacked adequate internal controls.
On March 12, 2024, after the market closed, Luna Innovations filed with the SEC a Form 8-K announcing it would need to restate its financial statements for the second and third quarters of 2023.
On this news, the price of Luna Innovations stock fell $2.24 per share, or 35.78%, to close at $4.02 on March 13, 2024.
Then, on March 25, 2024, after the market closed, the Company filed with the SEC a current report on Form 8-K, which announced that Defendant CEO Scott Graeff had retired, effective immediately.
On this news, Luna Innovations’ stock price fell $0.41 per share, or over 11%, to close at $3.14 per share on March 26, 2024.
If you wish to serve as lead plaintiff, you must move the Court no later than May 31, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
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Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
