Hagens Berman, a global plaintiffs’ rights complex litigation law firm, is urging investors of Luna Innovations Incorporated (NASDAQ: LUNA) who have suffered significant losses to submit their losses. The class period for this case is from Aug. 11, 2023, to Mar. 25, 2024, with a lead plaintiff deadline of May 31, 2024.
Luna Innovations Inc. recently disclosed that the company is at risk of losing its listing on Nasdaq due to its failure to timely file its 2023 Annual Report with the SEC. This disclosure is related to Luna’s announcement on Mar. 12, 2024, where the company indefinitely delayed its fourth quarter and annual reports. Luna attributed this delay to reporting revenues during Q2 and Q3 2023 that did not meet revenue recognition standards under GAAP.
In March 2024, Luna’s president and CEO, Scott Graeff, unexpectedly retired. These disclosures have led to a significant decline in Luna’s stock price, which has lost more than half its value.
The Nasdaq de-listing warning follows a securities class action lawsuit filed against Luna and its senior executives. The lawsuit alleges that Luna made misleading statements and failed to disclose false financial figures due to improper revenue recognition. It also claims that Luna would be required to restate financial statements and lacked adequate internal controls.
Hagens Berman is investigating when Luna management discovered the transaction discrepancies and is encouraging investors with substantial losses or information that could assist the investigation to contact the firm.
Whistleblowers with non-public information regarding Luna Innovations are also encouraged to come forward to assist in the investigation or potentially benefit from the SEC Whistleblower program, where they may receive rewards if their original information leads to a successful recovery by the SEC.
About Hagens Berman:
Hagens Berman is a global law firm specializing in class-action lawsuits and corporate accountability. The firm represents investors, whistleblowers, workers, consumers, and others harmed by corporate negligence and fraud. More information about the firm can be found at hbsslaw.com.
Luna Innovations Incorporated operates in the technology industry, specifically focusing on optical technology and advanced sensing solutions. They provide a range of products and services to customers in industries such as telecommunications, aerospace, defense, and healthcare.
Market forecasts for the optical technology industry indicate significant growth potential in the coming years. The increasing demand for high-speed internet, advancements in telecommunication networks, and the adoption of optical sensors in various sectors are driving the market. According to a report by MarketsandMarkets, the global optical interconnect market is projected to reach $17.1 billion by 2025.
However, Luna Innovations has recently faced challenges in their financial reporting, which has raised concerns among investors. The company’s failure to file its 2023 Annual Report with the Securities and Exchange Commission (SEC) has put its listing on the Nasdaq stock exchange at risk. Luna’s delay in reporting revenues that did not meet GAAP standards has further exacerbated the situation.
The retirement of Luna’s president and CEO, Scott Graeff, added to the turmoil, leading to a significant decline in the company’s stock price. The combination of these factors has resulted in a securities class action lawsuit against Luna and its senior executives. The lawsuit alleges misleading statements, false financial figures, the need for restatements, and inadequate internal controls.
Hagens Berman, the global plaintiffs’ rights complex litigation law firm mentioned in the article, specializes in representing investors and others harmed by corporate negligence and fraud. They are urging investors who have suffered significant losses due to Luna Innovations’ actions to submit their losses and participate in the class-action lawsuit. Hagens Berman is also investigating when Luna management discovered the transaction discrepancies.
Whistleblowers with non-public information regarding Luna Innovations are encouraged to come forward and assist in the investigation or potentially benefit from the SEC Whistleblower program. This program offers rewards to individuals whose original information leads to a successful recovery by the SEC.
For more information about Hagens Berman and their work in holding corporations accountable, you can visit their website at hbsslaw.com.
Sources:
– Global Optical Interconnect Market – Growth, Trends, and Forecast (2020-2025) – MarketsandMarkets Research
– SEC Whistleblower Program – U.S. Securities and Exchange Commission