Robbins LLP is Investigating the Allegations that Luna Innovations Incorporated (LUNA) Lacked Proper Internal Controls

Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Luna Innovations Incorporated (NASDAQ: LUNA) securities between August 11, 2023 and March 25, 2024. Luna Innovations is a technology company that focuses on fiber optics. It creates products targeted towards the aerospace, automotive, and communications industries, among others.  

The Allegations

According to the complaint, during the class period, defendants 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. When the truth was revealed, Luna Innovations stock fell, harming investors.

What Now: If you own shares of Luna Innovations Incorporated you have legal options. Submit a form for more information.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.