Berman Tabacco, a national law firm representing investors, is investigating potential securities law violations by Luna Innovations Incorporated (“Luna” or the “Company”) (NASDAQ: LUNA).
About the Investigation
On March 12, 2024, after the market close, Luna filed a Form 8-K with the U.S. Securities and Exchange Commission disclosing that a Special Committee of the Board of Directors was “conducting an independent review, with the assistance of external legal and financial advisors, of 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. The Special Committee is examining the circumstances surrounding these issues and is evaluating, among other things, the Company’s disclosure controls and internal control over financial reporting and whether changes in accounting policies or other policies are necessary.”
The Company further stated, “[a]s the independent review remains ongoing, the Company has not yet determined the full extent of the impact on the second and third quarters of 2023 and whether and to what extent there may be an impact on financial statements for any other periods.”
On March 13, 2024, shares of Luna common stock fell $2.24 per share to close at $4.02 per share on heavy volume.
Contact
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About Berman Tabacco
Since 1982, our firm has prosecuted hundreds of securities and antitrust complex cases. The firm and its attorneys have been recognized for their work on behalf of plaintiffs, including by Chambers USA, Benchmark Litigation, which has ranked the firm as Highly Recommended and a Top Ten Plaintiffs, The Legal 500, U.S. News & World Report-Best Lawyers, The Daily Journal, Lawdragon, Who’s Who Legal, and Super Lawyers.
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Contact:
Berman Tabacco
Jay Eng, Esq.
One Liberty Square
Boston, Massachusetts
(800) 516-9926
Email: law@bermantabacco.com