Luna Innovations Faces Acquisition After Fraud Fallout | Roanoke News

Luna Innovations, the fiber-optic sensing tech giant, is on the verge of a major shift as a venture capital firm eyes its acquisition — a move that comes amid a rocky past marred by securities fraud allegations tied to accounting errors and a hefty class-action settlement. The company’s credibility took a hit last year when it admitted its financial reports were unreliable and hadn’t filed with the SEC since late 2023, with scrutiny focused on flawed revenue recognition practices. Former CEO Scott Graeff stepped down amid the fallout, and the board later revoked his severance and stock — a decision the lawsuit blamed on his leadership. Now, with shareholder approval pending and a special meeting scheduled, Luna hopes to close the deal later this year, transitioning under the umbrella of TJC. Current CEO Kevin Ilcisin says the acquisition will boost customer commitment and unlock new opportunities for employees and suppliers — even as the company, now based in Blacksburg since its 1991 founding, prepares for a new chapter. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/a33a45c83b11dd15