>>Luna Innovations Reaches Settlement In Stockholder Lawsuit
(Roanoke, VA) -- Luna Innovations Incorporated and three former executives have reached a settlement in a stockholder lawsuit, following allegations of federal securities law violations. Liz Kennedy with the story.Preview:Preview: Voicer Script:
The lawsuit stemmed from the Roanoke-based company's disclosure of unreliable financial reports and accounting errors related to revenue recognition. The plaintiffs claimed that the executives were aware of the issues or showed reckless disregard for the truth. The Cardinal News reports that Luna's delisting from Nasdaq and current trading on the OTC Expert Market have impacted its stock value, which was around 30 cents per share. The final settlement agreement is pending court certification of the class action, with a deadline of May 5th for filing.