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Submit Your Information for the Luna Innovations Lawsuit

Lead plaintiff deadline is May 31, 2024.

If you purchased or acquired Luna Innovations securities between August 11, 2023 and March 25, 2024, please contact Berger Montague using the form below.

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About the Lawsuit

The complaint alleges that, throughout the Class Period, Luna Innovations made materially false and misleading statements regarding the effectiveness of its internal control over financial reporting.

The truth began to emerge on March 12, 2024, after the market closed, when Luna Innovations announced on a Form 8-K that it would need to restate its financial statements for the second and third quarters of 2023. In its 8-K, Luna Innovations disclosed that, “the Company’s previously issued unaudited interim condensed consolidated financial statements for the quarters ended June 30, 2023, and September 30, 2023 . . . should no longer be relied upon and should be restated.” The Form 8-K further stated that, “the Company has identified material weaknesses in its internal control over financial reporting that existed as of June 30, 2023, and September 30, 2023, and has re-evaluated the effectiveness of the Company’s disclosure controls and procedures as of those dates.”

Following this news, the price of Luna Innovations stock fell $2.24 per share, or 35.78%, to close at $4.02 on March 13, 2024.

Then, on March 25, 2024, after the market closed, the Company announced that CEO Scott A. Graeff had retired, effective immediately. The complaint alleges that Graeff retired as a result of the misconduct detailed in the complaint.

Following this news, the price of Luna Innovations stock fell by $0.41 per share, or 11.54%, to close at $3.14 on March 26, 2024.

According to the complaint and throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) Luna Innovations financial statements from August 10, 2023 to the present included false figures as a result of improper revenue recognition; (2) as a result, Luna Innovations would need to restate its previously filed financial statements from August 10, 2023 to November 14, 2023; and (3) Luna Innovations lacked adequate internal controls.

Investors who purchased or acquired Luna Innovations securities between August 11, 2023 and March 25, 2024, may no later than May 31, 2024, seek to be appointed as a lead plaintiff representative of the class.