NEW YORK, NY - 
(NewMediaWire) - March 19, 2024 - Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Luna Innovations Incorporated (“Luna” or the “Company”) (NASDAQ: LUNA). Click here to join the investigation.
On March 12, 2024, after the market closed, Luna issued a press release delaying the release of fourth quarter and full year 2023 financial results and disclosing that “a Special Committee of the Company’s 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 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. . . .”
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.
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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
