Luna Innovations Incorporated (NASDAQ: LUNA)

This lawsuit is for anyone who acquired securities in Luna Innovations Incorporated (NASDAQ: LUNA) from August 11, 2023 through March 25, 2024.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that the Company maintained proper controls over financial reporting but then by overstating revenue.

On March 12, 2024, Luna disclosed that “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 it would be delaying the release of its fourth quarter and full year 2024 financial results. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on March 25, 2024, after the market closed, the Company filed with the SEC a current report on Form 8-K (the “March 25 Form 8-K”) which announced that Defendant Graeff had retired, effective immediately. On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Luna Innovations Incorporated (NASDAQ: LUNA) from August 11, 2023 through March 25, 2024 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.