NEW YORK, May 16, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of all persons or entities who purchased or otherwise acquired Luna Innovations Incorporated ("Luna Innovations" or the "Company") (NASDAQ:LUNA) securities between May 16, 2022 and April 19, 2024, inclusive (the "Class Period"). The lawsuit seeks to recover damages for the Company's investors under the federal securities laws.
The Complaint in the lawsuit alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, the Complaint alleges that the Defendants failed to disclose to investors that: (1) Luna's 1Q – 3Q22, FY22, and 1Q – 3Q23 Reports contained unearned revenues that should not have been recognized; (2) Luna would need to restate financial statements that it ...
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