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

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

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