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: You may be eligible to participate in the class action against Luna Innovations Incorporated. Shareholders who want to serve as lead plaintiff for the class must file their papers with the court by May 31, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
