Luna Innovations Announces Restatement Of Financial Statements; Says " Determined That Its Financial Statements For The Fiscal Year Ended Dec 31, 2022, Interim Periods Ended Mar 31, 2022, Jun 30, 2022, Sep 30, 2022 And Mar 31, 2023, Cannot Be Relied Upon And Need To Be Restated Due To Identified Accounting Errors Relating To Revenue Recognition"
Portfolio Pulse from Benzinga Newsdesk
Luna Innovations Incorporated (NASDAQ:LUNA) announced the need to restate its financial statements for the fiscal year ended December 31, 2022, and interim periods due to accounting errors in revenue recognition. The company's previously issued financial information for these periods is now considered unreliable. A Special Committee is conducting an independent review to determine the full impact, with no current estimate on when restated financial statements will be filed.
April 19, 2024 | 12:32 pm
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Luna Innovations needs to restate financial statements for FY 2022 and interim periods due to revenue recognition errors, making previous financial information unreliable.
The announcement of financial restatements due to accounting errors, especially in revenue recognition, typically leads to negative investor sentiment and can significantly impact a company's stock price in the short term. The lack of a timeline for the restatement and the ongoing independent review further contribute to uncertainty and potential lack of confidence among investors.
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