Luna Innovations Incorporated (NASDAQ: LUNA) Investor Alert: Lawsuit alleges Misleading Statements

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A lawsuit was filed in the U.S. District Court for the Central District of California by an investor who bought shares of Luna Innovations Incorporated (NASDAQ: LUNA) alleging that the company violated federal securities laws in relation to some purportedly false and misleading statements made between August 11, 2023, and March 25, 2024.

You have specific options, and for some investors, there are tight deadlines, if you bought a sizable quantity of shares of Luna Innovations Incorporated (NASDAQ: LUNA) between August 11, 2023 and March 25, 2024, and/or if you bought any NASDAQ: LUNA shares before August 2023 and you still own any of those shares. Priority date: May 31, 2024. NASDAQ: LUNA investors can reach out to the Shareholders Foundation by phone at +1(858) 779-1554 or by email at [email protected].

Luna Innovations Incorporated, situated in Roanoke, VA, offers fiber optic test, measurement, and control solutions globally. According to Luna Innovations Incorporated, its yearly Net Income increased from $1.38 million in 2021 to $9.27 million in 2022, while its Total Revenue increased from $87.51 million in 2021 to $109.49 million in 2022.

After market hours on August 10, 2023, Luna Innovations submitted its Form 10-Q quarterly report to the SEC for the period ending June 30, 2023.

Eugene Nestro, the Chief Financial Officer of Luna Innovations Incorporated, resigned from his role on October 17, 2023. At the time of the announcement, Nestro’s departure was not explained.

Luna Innovations submitted its Form 10-Q quarterly report to the SEC on November 14, 2023, covering the period that concluded on September 30, 2023.

Luna Innovations Incorporated declared on March 12, 2024, that it would postpone the publishing of its financial results for the fourth quarter and fiscal year 2023. With the assistance of outside legal and financial advisors, a Special Committee of the Company’s Board of Directors is independently reviewing certain transactions that were recognized as revenue in the second and third quarters of 2023 but did not meet the requirements of U.S. generally accepted accounting principles. Furthermore, the Company anticipates disclosing significant vulnerabilities in its internal controls.

Luna Innovations Incorporated (NASDAQ: LUNA) saw a decrease in share price from $7.92 on February 12, 2024, to $3.56 on March 18, 2024.

Following the market’s close on March 25, 2024, the company filed a current report on Form 8-K with the SEC, announcing that Scott Graeff, its president and chief executive officer, had retired with immediate effect and that he was also a board member.

In the complaint, the plaintiff claims that the defendants broke federal securities laws while selling common shares of Luna Innovations Incorporated (NASDAQ: LUNA) between August 11, 2023, and March 25, 2024. In particular, the plaintiff asserts that between August 11, 2023 and March 25, 2024, the Defendants neglected to tell investors that the financial statements of Luna from August 10, 2023 to the present contained false figures due to improper revenue recognition; that as a result, the financial statements Luna had previously filed from August 10, 2023 to November 14, 2023 would have to be restated; that the Defendants lacked adequate internal controls; and that as a result, the Defendants’ optimistic statements about the Company’s operations, business, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Individuals who bought shares of Luna Innovations Incorporated (NASDAQ: LUNA) ought to get in touch with the Shareholders Foundation as they have some options.

Get in touch with Investors Foundation, Inc.Michael Daniels: +1-(858)-779-1554; 3111 Camino Del Rio North, Suite 42392108, San Diego(858)[email protected] is the fax number.

About The Shareholders Foundation, Inc.: We are a professional portfolio monitoring and settlement claim filing service that keeps investors informed about securities class actions, settlements, judgments, and other legal news pertaining to the stock and financial markets. We also conduct research on shareholder issues. With a vast network of contacts, Shareholders Foundation, Inc. provides support, guidance, and aid to each and every shareholder. It is not a law firm, The Shareholders Foundation, Inc. The Shareholders Foundation is not involved in the filed, reached, or settled cases, investigations, or settlements mentioned. The public is offered this information as a service. It should not be relied upon and is not meant to be legal advice.

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