New York, New York--(Newsfile Corp. - March 29, 2024) - Pomerantz LLP is investigating claims on behalf of investors of Luna Innovations Incorporated ("Luna" or the "Company") (NASDAQ: LUNA). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether Luna and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On March 12, 2024, Luna disclosed that a Special Committee of the Company's Board of Directors was reviewing "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," and that the Company's previously issued financial statements for those quarters should no longer be relied upon. Additionally, Luna stated that it has identified material weaknesses in its internal control over financial reporting, and that the Company would thus be delaying the release of its fourth quarter and full year 2024 financial results.
On this news, Luna's stock price fell $2.24 per share, or 35.78%, to close at $4.02 per share on March 13, 2024.
Then, on March 25, 2024, Luna announced that its Chief Executive Officer ("CEO"), Scott Graeff ("Graeff"), had retired from his role as President and CEO, as well as stepped down from the Company's Board of Directors. Graeff's departure marked the second C-suite executive at Luna to hastily leave the Company after Luna announced on October 17, 2023, that its Chief Financial Officer, Eugene Nestro, had also left the Company with no explanation provided for his departure.
On this news, Luna's stock price fell $0.33 per share, or 8.51%, to close at $3.55 per share on March 25, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/203486
