Luna Innovations Incorporated is a technology company that is focused on fiber optics. It creates products targeted towards the aerospace, automotive, and communications industries, among others.

Grabar Law Office is investigating claims on behalf of Luna shareholders. The investigation concerns whether certain officers and directors of Luna have breached their fiduciary duties owed to the company.

WHY: A recently field securities fraud class action complaint alleges that Luna, via certain of its officers and directors, made materially false and/or misleading statements and/or failed to disclose that: (1) Luna financial statements from August 10, 2023 to the present included false figures as a result of improper revenue recognition; (2) as a result, Luna would need to restate its previously filed financial statements from August 10, 2023 to November 14, 2023; (3) Luna lacked adequate internal controls; and (4) as a result, Luna’s statements, and those of its officers, about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times when made.

WHAT TO DO NOW: Current Luna shareholders who have held shares of the Company’s stock since prior to May 16, 2022 have standing to seek corporate reforms, the return of funds back to company coffers, and potentially a receive a court approved incentive award if appropriate.

If you have held Luna shares since prior to May 16, 2022 and would like to learn more at no cost to you, please contact Joshua Grabar at [email protected] or Mia Heller at [email protected], or call us at 267-507-6085.