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LUNA.US
id: 1175

Luna Innovations Incorporated (LUNA) False 2Q23, 3Q23 SEC Reports Case

C.D. California
Court
2:24-cv-02630
Case number
11 Aug 2023
Class period Start
25 Mar 2024
Class period End
31 May 2024
Lead Plaintiff motion deadline
On April 1, 2024, securities class action has been filed against Luna Innovations Incorporated (LUNA) on behalf of its investors for filing false quarterly report with the SEC.
  • On March 12, 2024, Luna informed SEC it needed to restate its 2Q23 and 3Q23 reports.
  • On it, $LUNA fell 35.78%, losing $77M+ of shareholder value.
  • Then on March 24, 2024, President-CEO retired from the Company.
  • On it, $LUNA fell 11.54%, losing $14M+ of shareholder value.
Investors may have grounds to suspect Luna of false reporting, which led to their losses.
In its 2Q23 and 3Q23 SEC reports, Luna Innovations provided materially false and misleading financial information by incorrectly reporting its revenue due to lack of proper internal controls.
When the news of reports’ restatement and President-CEO resignation became public, $LUNA suffered two significant falls, with the combined loss of $91+ million of its market capitalization, seriously damaging shareholders.
Considering all the information, investors might have grounds to suspect Luna Innovations of false reporting, which led to their losses.
Case Status
Lead Plaintiff Submission
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
13 March 2024
Filing date
01 April 2024
Lead Plaintiff Deadline
31 May 2024
Collecting participants…

Luna Innovations Incorporated

Luna Innovations Incorporated provides fiber optic test, measurement, and control products worldwide. The company offers test and measurement equipment for fiber optic components and sub-assemblies...

    Ticker
    LUNA.US
    ISIN
    US5503511009
    CIK
    1239819
    Sector
    Technology
    Industry
    Scientific & Technical Instruments
    Country
    USA
    Address
    301 1st Street, SW, Roanoke, VA, United States, 24011