Hagens Berman Files New Securities Class Action Against Luna Innovations (LUNA) And Its Senior Executives

New Complaint Extends Alleged Fraudulent Period From May 16, 2022–Apr. 19, 2024, Inclusive; Lead Plaintiff Filing Deadline Remains May 31, 2024

Hagens Berman announces that the firm has filed a new class action lawsuit against Luna Innovations Incorporated (NASDAQ: LUNA) and certain of its senior executives.

The new complaint extends the alleged fraudulent period in the pending litigation against Luna Innovations, contending that Luna’s stock was artificially inflated by Defendants’ alleged fraud from May 16, 2022 through Apr. 19, 2024, inclusive (“Extended Class Period”).

Lead plaintiff motions for the Luna class action litigation must still be filed with the Court no later than May 31, 2024. Hagens Berman therefore urges investors who suffered substantial losses on purchases of Luna securities during the Extended Class Period and who wish to serve as lead plaintiff of the Luna litigation to contact Hagens Berman now.

Extended Alleged Class Period: May 16, 2022 – Apr. 19, 2024
Lead Plaintiff Deadline: May 31, 2024
Website: www.hbsslaw.com/investor-fraud/LUNA
Contact Email: [e-mail] Phone: [phone]

Hagens Berman’s New LUNA Securities Fraud Class Action Alleging Extended Class Period:

The new class action, filed in the United States District Court for the Central District of California, and captioned Thompson v. Luna Innovations Incorporated, et al., Case No. 2:24-cv-04068, seeks to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

The new class action is related to pending securities class action litigation against Luna in the Central District of California, Karzoun v. Luna Innovations Incorporated, Inc., 2:24-cv-02630 (CBM/KLS), which alleges a class period of Aug. 11, 2023 through March 25, 2024, inclusive.

The new class action, however, alleges a broader class period, as the new case is brought on behalf of all investors who purchased or otherwise acquired LUNA securities during the Extended Class Period – between May 16, 2022 and Apr. 19, 2024, inclusive.

If you are a shareholder who purchased LUNA shares during the Extended Class Period, you have until May 31, 2024, to ask the Court to appoint you as Lead Plaintiff for the class in the Luna litigation. A copy of the Complaint can be obtained here. Click here to discuss your legal rights with Hagens Berman.

CASE ALLEGATIONS: The new Luna class action lawsuit alleges that defendants throughout the Extended Class Period 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 Defendants failed to disclose to investors: (1) Luna’s financial statements dating back to May 16, 2022 through and including November 14, 2023 contained unearned revenues that should not have been recognized; (2) Luna would need to restate financial statements that it filed during May 16, 2022 through and including November 14, 2023; (3) Luna’s disclosure controls and procedures did not provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (4) Luna’s disclosure controls and procedures were not effective; and (5) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all times.