According to the Complaint, 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.

The Complaint alleges that during the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Luna Innovations financial statements from August 10, 2023 to the present included false figures as a result of improper revenue recognition; (2) as a result, Luna Innovations would need to restate its previously filed financial statements from August 10, 2023 to November 14, 2023; (3) Luna Innovations lacked adequate internal controls; and (4) 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.

On July 17, 2024, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 24-CV-02630.

Lead Plaintiff filed an Amended Consolidated Complaint on October 11, 2024. Defendants filed a Motion to Dismiss the Amended Consolidated Complaint on December 10. On March 5, 2025, the parties stipulated to withdraw the Motion to Dismiss in order to complete private mediation.

On May 5, 2025, the parties entered into a Stipulation and Agreement of Settlement.