SAN FRANCISCO, April 18, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Luna Innovations Incorporated (NASDAQ: LUNA) investors who suffered substantial losses to submit your losses now.
Class Period: Aug. 11, 2023 – Mar. 25, 2024
Lead Plaintiff Deadline: May 31, 2024
Visit: www.hbsslaw.com/investor-fraud/LUNA | 844-916-0895
Luna Innovations Incorporated (LUNA) Securities Fraud Class Action:
On Apr. 8, 2024, Luna Innovations Inc. disclosed that the company was in danger of losing its listing on Nasdaq as a result of Luna’s failure to timely file its 2023 Annual Report with the SEC.
The disclosure relates back to company’s announcement on Mar. 12, 2024, when Luna revealed that it was indefinitely delaying its fourth quarter and annual reports as a result of having reported revenues during Q2 and Q3 2023 “that did not qualify for revenue recognition under [GAAP].”
Just weeks later, on Mar. 25, 2024, Luna’s president and CEO, Scott Graeff, abruptly retired.
These disclosures have sent Luna’s share price on a tailspin, as its stock has lost more than half its value.
The Nasdaq de-listing warning follows the filing of a securities class action brought on behalf of Luna investors against both Luna and its senior executives.
The complaint there alleges that Defendants made misleading statements and failed to disclose that: (1) Luna’s financial statements from Aug. 10, 2023 to the present included false figures as a result of improper revenue recognition; (2) as a result, Luna would be required to restate financial statements filed during Aug. 10, 2023 through Nov. 14, 2023; and (3) it lacked adequate internal controls.
“We’re investigating to determine exactly when Luna management discovered the transaction discrepancies at issue,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Luna Innovations and have substantial losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
If you’d like more information and answers to frequently asked questions about the Luna Innovations case and our investigation, read more.
Whistleblowers: Persons with non-public information regarding Luna Innovations should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email LUNA@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
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Contact:
Reed Kathrein, 844-916-0895
