NEW YORK, April 02, 2024 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of those who acquired Luna Innovations Inc. (“Luna Innovations” or the “Company”) (NASDAQ: LUNA) securities during the period of August 11, 2023 through March 25, 2024, inclusive (“the Class Period”). Investors have until May 31, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
[Click here to learn more about the class action]
On March 12, 2024, Luna Innovations filed with the U.S. Securities and Exchange Commission (“SEC”) a Current Report on Form 8-K announcing it would need to restate its financial statements for the second and third quarters of 2023. Also on March 12, 2024, the Company filed with an SEC a late filing notice on Form NT 10-K. On this news, the price of Luna Innovations shares declined by $2.24 per share, or approximately 35.78% from $6.26 on March 12, 2024 to close at $4.02 on March 13, 2024.
On March 25, 2024, Luna Innovations filed with an SEC a Current Report on Form 8-K, which announced that Scott Graeff, the President and Chief Executive Officer of the Company, would be retiring effective immediately. On this news, the price of Luna Innovations shares declined by $0.41 per share, or approximately 11.54% from $3.55 on March 25, 2024 to close at $3.14 on March 26, 2024.
The lawsuit alleges 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; (3) Luna Innovations lacked adequate internal controls; and (4) as a result, the Company’s statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all times.
If you purchased or otherwise acquired Luna Innovations securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
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Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
