LUNA INVESTOR ALERT: Edelson Lechtzin LLP Urges Luna Innovations Incorporated (NASDAQ: LUNA) Shareholders to Seek Legal Counsel About the Pending Securities Fraud Class Action
NEWTOWN, PA, April 5, 2024 — Edelson Lechtzin LLP, a leading class action law firm, is investigating securities fraud claims on behalf of all investors of Luna Innovations Incorporated (“Luna”) (NASDAQ: LUNA) between August 11, 2023, and March 25, 2024, inclusive (the “Class Period”).
Investors who purchased Luna stock may move the U.S. District Court for the Central District of California to appoint them as lead plaintiff, no later than May 31, 2024. Please contact Edelson Lechtzin LLP at 844-696-7492 to discuss your investment losses, or by e-mail at [email protected].
Background on Luna Innovations Incorporated
Luna Innovations Incorporated, headquartered in Roanoke, Virginia, develops and manufactures fiber-optics and terahertz-based technology products for numerous industries including aerospace, automotive, communications, defense, energy, infrastructure, security, and silicon photonics.
The Securities Fraud Claims
The Complaint alleges claims that throughout the Class Period, Defendants made materially false and misleading statements about Luna’s business, operations, and prospects, including the following: (i) Luna’s financial statements from August 10, 2023, to present contained inaccurate figures due to improper revenue recognition; (ii) Luna will need to revise its previously submitted financial statements from at least August 10, 2023 to November 14, 2023; and (iii) Luna lacked sufficient internal controls over its financial reporting. As a result, Luna’s statements about its business and financial condition were materially false and misleading.
On March 12, 2024, after the stock market had closed, Luna filed with the SEC a current report on Form 8-K. The report revealed that the company would need to restate its financials for the second and third quarters of 2023. Additionally, they submitted a late filing notice to the SEC on Form NT 10-K. On this news, the price of Luna stock fell $2.24 per share, or 35.78%, to close at $4.02 per share on March 13, 2024.
On March 25, 2024, Luna filed with the SEC a current report on Form 8-K disclosing that the company’s President and CEO, Scott Graeff, had “retired” with immediate effect. Investors and the media have speculated that his sudden retirement was due to the misconduct described in the securities fraud complaint. On this news, the price of Luna stock fell by $0.41 per share, or 11.54% to close at $3.14 on March 26, 2024.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: [email protected]
Email: [email protected]
Web: www.edelson-law.com
Edelson Lechtzin LLP is a leading class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.