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Luna Innovations Incorporated

Company NameLuna Innovations Incorporated
Stock SymbolLUNA

On March 12, 2024, Luna disclosed that “certain transactions for which revenue was recognized in the second and third quarters of 2023 that did not qualify for revenue recognition under U.S. generally accepted accounting principles,” and that the Company’s previously issued financial statements for those quarters should no longer be relied upon. Additionally, Luna stated that it has identified material weaknesses in its internal control over financial reporting, and it would be delaying the release of its fourth quarter and full year 2024 financial results.

On this news, Luna’s stock price fell $2.24, or 35.8%, to close at $4.02 per share on March 13, 2024, thereby injuring investors.

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