NEW YORK, April 02, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:

• Do you, or did you, own shares of Luna Innovations Incorporated (NASDAQ: LUNA)?
  
• Did you purchase your shares between August 11, 2023 and March 25, 2024, inclusive?
  
• Did you lose money in your investment in Luna Innovations Incorporated?
  
• Do you want to discuss your rights?

Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Luna Innovations Incorporated (“Luna Innovations” or the “Company”) (NASDAQ: LUNA) between August 11, 2023 and March 25, 2024, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Central District of California and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).

If you purchased or acquired Luna Innovations securities, and/or would like to discuss your legal rights and options please visit Luna Innovations Incorporated Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.

According to the Complaint, Defendants failed to disclose to investors 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.

On March 12, 2024, after the market closed, Luna Innovations filed with the SEC a Form 8-K announcing it would need to restate its financial statements for the second and third quarters of 2023.

On this news, the price of Luna Innovations stock fell $2.24 per share, or 35.78%, to close at $4.02 on March 13, 2024.

Then, on March 25, 2024, after the market closed, the Company filed with the SEC a current report on Form 8-K, which announced that Defendant CEO Scott Graeff had retired, effective immediately.

On this news, Luna Innovations’ stock price fell $0.41 per share, or over 11%, to close at $3.14 per share on March 26, 2024.

If you wish to serve as lead plaintiff, you must move the Court no later than May 31, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.

If you purchased or acquired Luna Innovations securities, and/or would like to discuss your legal rights and options please visit Luna Innovations Incorporated Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.

Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.

ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Contact Information:

Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com