SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a Class Action Against Luna Innovations Incorporated - LUNA

NEW YORK, April 12, 2024

The class action concerns whether Luna and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

You have until May 31, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Luna securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.

[Click here for information about joining the class action]

On March 12, 2024, Luna disclosed that a Special Committee of the Company's Board of Directors was reviewing "certain transactions for which revenue was recognized in the second and third quarters of 2023 that did not qualify for revenue recognition under U.S. generally accepted accounting principles," and that the Company's previously issued financial statements for those quarters should no longer be relied upon.  Additionally, Luna stated that it has identified material weaknesses in its internal control over financial reporting, and that the Company would thus be delaying the release of its fourth quarter and full year 2024 financial results. 

On this news, Luna's stock price fell $2.24 per share, or 35.78%, to close at $4.02 per share on March 13, 2024.