NEW YORK, April 28, 2024 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against 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, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Luna and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until May 31, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Luna securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
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, had retired from his role as President and CEO, as well as stepped down from the Company's Board of Directors.
On this news, Luna's stock price fell $0.41 per share, or 11.54%, to close at $3.14 per share on March 26, 2024.
Then, on April 19, 2024, Luna announced that its financial statements for the fiscal year ended December 31, 2022, and the interim periods ended March 31, 2022, June 30, 2022, and September 30, 2022 and March 31, 2023 should not be relied upon and needed to be restated, citing identified accounting errors relating to revenue recognition.
On this news, Luna's stock price fell $0.03 per share, or 1.07%, to close at $2.77 per share on April 19, 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.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
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SOURCE Pomerantz LLP
