SAN FRANCISCO, March 28, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Luna Innovations Incorporated (NASDAQ: LUNA) investors who suffered substantial losses to submit your losses now.
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Luna Innovations Incorporated (LUNA) Investigation:
On Mar. 25, 2024, Luna announced that its CEO Scott Graeff has retired from his role as President and Chief Executive Officer of the Company and has stepped down from the Board of Directors, sending the price of fiber optic test and control company Luna Innovations shares sharply lower during intraday trading. Luna announced that its Board has initiated a search for a new President and CEO, and that longtime Chairman Richard Roedel has been appointed Executive Chairman and President on an interim basis.
Graeff’s announced retirement immediately follows Luna’s Mar. 12, 2024 disclosure that it would need to restate its financial statements for the second and third quarters of 2023 due to revenue recognition errors. As of Mar. 25, 2024, the company has still not filed its 2023 annual report or described the nature and magnitude of the restatement, creating a massive overhang on the stock.
Significantly, Graeff’s departure marks the second C-Suite executive at Luna to hastily leave the company. Just five months ago, on Oct. 17, 2023, the company announced that its Chief Financial Officer Eugene Nestro had left his position effective Oct. 16, 2023. The company provided no explanation for Nestro’s sudden departure.
“We’re investigating whether Luna management may have possibly manipulated revenue to boost the appearance of growth and profitability,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Luna Innovations and have substantial losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman »
If you’d like more information and answers to frequently asked questions about the Luna Innovations investigation, read more »
Whistleblowers: Persons with non-public information regarding Luna Innovations should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email LUNA@hbsslaw.com.
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Contact:
Reed Kathrein, 844-916-0895
