Luna Innovations Inc. and its top executives made disclosures that contained false figures resulting from improper revenue recognition since Aug. 10, 2023, a proposed shareholder class action said.
The fiber optic technology company allegedly failed to disclose the revenue misstatements, which resulted in the restatement of public filings from August through November of last year, due to the company’s lack of adequate internal controls, according to the complaint filed Monday in US District Court for the Central District of California.
During the second and third quarters of 2023, Luna repeatedly said in disclosures that its top executives had evaluated the ...
Learn more about Bloomberg Tax or Log In to keep reading:
See Breaking News in Context
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools and resources.