LUNA.US
id: 1175
Luna Innovations (LUNA) Investor Settlement
The settlement terms have been submitted to the court for approval.
$7,300,000
Cash SettlementC.D. California
Court2:24-cv-02630
Case number05/16/2022
Class period Start04/19/2024
Class period EndLuna Innovations ($LUNA) has reached a settlement with investors over claims that it misled them about its financial results and internal controls.
On April 1, 2024, securities class action has been filed against Luna Innovations Incorporated (LUNA) on behalf of its investors for filing false quarterly report with the SEC.
- On March 12, 2024, Luna informed SEC it needed to restate its 2Q23 and 3Q23 reports.
- On it, $LUNA fell 35.78%, losing $77M+ of shareholder value.
- Then on March 24, 2024, President-CEO retired from the Company.
- On it, $LUNA fell 11.54%, losing $14M+ of shareholder value.
Investors may have grounds to suspect Luna of false reporting, which led to their losses.
In its 2Q23 and 3Q23 SEC reports, Luna Innovations provided materially false and misleading financial information by incorrectly reporting its revenue due to lack of proper internal controls.
When the news of reports’ restatement and President-CEO resignation became public, $LUNA suffered two significant falls, with the combined loss of $91+ million of its market capitalization, seriously damaging shareholders.
Considering all the information, investors might have grounds to suspect Luna Innovations of false reporting, which led to their losses.
Case Type
US Securities Class Action
Case Status
Stipulative Settlement
Alleged Offence
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Filing date
04/01/2024
Lead Plaintiff Deadline
05/31/2024
Plaintiffs
Eyad Karzoun
Attorneys
The Rosen Law Firm, P.A. (Los Angeles, CA)
Defendants
Luna Innovations Incorporated, Scott A. Graeff, Eugene J. Nestro, George Gomez-Quintero
Administrator
EPIQ
Settlement agreement date
2025-05-05
Attorney fee
$2,640,000
Trades matching type
FIFO
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