02:50 PM EDT, 03/13/2024 (MT Newswires) -- Luna Innovations ( LUNA ) shares were down about 40% in recent Wednesday trading after the company said late Tuesday it will delay the release of its Q4 results.

The company said a special committee is conducting an independent review of certain transactions for which revenue was recognized in Q2 and Q3 that did not qualify for revenue recognition.

Luna added that it expects to report "material weaknesses" in internal controls and will be working to remediate these issues.

The company said it will provide an update once more information is known.

Price: 3.77, Change: -2.49, Percent Change: -39.77