NEW YORK, March 13, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Luna Innovation, Inc. (“Luna” or the “Company”) (NASDAQ: LUNA) on behalf of Luna stockholders. Our investigation concerns whether Luna has violated the federal securities laws and/or engaged in other unlawful business practices.
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On March 12, 2024, Luna announced it will delay the release of its fourth quarter and fiscal year 2023 financial results. A Special Committee of the Company’s Board of Directors is conducting an independent review, with the aid 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. Additionally, the Company expects to report material weaknesses in internal controls.
To be noted, on October 17, 2023, Luna announced that its Chief Financial Officer (Eugene Nestro) abruptly left his position; no explanation for Nestro’s departure was given at the time.
Following the delayed filing news, Luna stock was 23% lower in pre-market trading on March 13, 2024.
If you purchased or otherwise acquired Luna shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
