NEW YORK, April 9, 2024 /PRNewswire/ — Attorney Advertising — Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against Luna Innovations Incorporated (“Luna Innovations” or “the Company”) (NASDAQ: LUNA) and certain of its officers.
Class Definition:
This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Luna Innovations securities between August 11, 2023 and March 25, 2024, inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: bgandg.com/LUNA.
Case Details:
According to the Complaint, Luna Innovations is a technology company that is focused on fiber optics. It creates products targeted towards the aerospace, automotive, and communications industries, among others.
The Complaint alleges that throughout the Class Period Luna Innovations made materially false and/or misleading statements that misrepresented and/or failed to disclose the following adverse facts pertaining to the Company’s business, operations, and prospects, which were known to Defendants or recklessly disregarded by them. Specifically, Defendants made false and/or misleading statements and/or failed to disclose 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, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all times.
On March 12, 2024, according to the Complaint, after the market closed, Luna Innovations filed with the 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. On the same day, the Company also filed with the SEC a late filing notice on Form NT 10-K indicating that a Special Committee of the Company’s Board of Directors is 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.”
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 the Company’s President and CEO had retired, effective immediately. According to the Complaint, this retirement was a result of the misconduct detailed in the Complaint.
On this news, the price of Luna Innovations stock fell by $0.41 per share, or 11.54%, to close at $3.14 on March 26, 2024.
What’s Next?
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm’s site: bgandg.com/LUNA or you may contact Peretz Bronstein, Esq. or his Law Clerk and Client Relations Manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 332-239-2660. If you suffered a loss in Luna Innovations you have until May 31, 2024, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff.
There is No Cost to You
We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys’ fees, usually a percentage of the total recovery, only if we are successful.
Why Bronstein, Gewirtz & Grossman:
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.
Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
332-239-2660 | [email protected]
SOURCE Bronstein, Gewirtz & Grossman, LLC
