Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, March 26, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Luna Innovations Incorporated (NASDAQ: LUNA) (“Luna” or the “Company”) investors that the law firm has initiated an investigation on behalf of investors that lost money on their Luna stock. Luna investors are encouraged to contact the firm to discuss their legal rights.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On March 12, 2024, Luna revealed that it would postpone the publication of its financial results for the fourth quarter and the full year of 2023. The delay is due to an independent examination by a Special Committee of the Board of Directors, assisted by outside legal and financial consultants, into specific transactions recorded as revenue in the second and third quarters of 2023, which do not meet the revenue recognition criteria set by U.S. generally accepted accounting principles. The company also anticipates disclosing significant deficiencies in its internal control systems.
Previously, on October 17, 2023, Luna disclosed the sudden departure of its Chief Financial Officer, Eugene Nestro, without providing a reason for his exit at that time.
Following the announcement of the postponed financial reporting, the company's stock price dropped by 23% in pre-market trading on March 13, 2024.
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The Portnoy Law Firm represents investors in pursuing claims caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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