LUNA INNOVATIONS INC: auditor change — Luna Innovations restates Q2 and Q3 2023 financials; material weaknesses in internal control

LUNA INNOVATIONS INC

Restating unaudited Q2 and Q3 2023 financials due to revenue recognized that did not qualify under GAAP.
Special committee review ongoing; full impact on affected periods and other periods not yet determined.
Material weaknesses in internal control over financial reporting identified as of June 30 and September 30, 2023.
Disclosure controls and procedures were ineffective for Q2 and Q3 2023.
Company will report remediation plan and restated results when available.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

LUNA INNOVATIONS INC reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

on March 12, 2024, the Audit Committee (the “Audit Committee”) of the Board, based on preliminary findings of the review, and after consultation with, the Company’s management and the Special Committee’s external legal and financial advisors, concluded that the Company’s previously issued unaudited interim condensed consolidated financial statements for the quarters ended June 30, 2023, and September 30, 2023, as previously filed with the Securities and Exchange Commission (the “SEC”), should no longer be relied upon and should be restated.

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Source: SEC EDGAR

accession 0001239819-24-000031

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