Key Developments For Luna Innovations Inc
Luna Innovations Inc (LUNA.O) (Consolidated Issue listed on NASDAQ Capital Market)
Luna Innovations Incorporated Delay In Filing 10-Q Causes Further NASDAQ Non Compliance
Luna Innovations Incorporated announced that it cannot file on a timely basis its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2009, which was due to be filed with the Securities and Exchange Commission by August 14, 2009. The Company does not expect that such filing will be made within five calendar days of the due date, as required for the extension provided by Rule 12b-25(b) promulgated under the Securities Exchange Act of 1934 (the Exchange Act). On August 17, 2009, received a notice of deficiency from the NASDAQ Stock Market (NASDAQ) listing qualifications department staff (the Staff) indicating that the Company no longer complied with filing requirements as set forth in Rule 5250(c)(1) as a result of the failure to make the filing on Form 10-Q by the due date.
Hansen Medical, Inc. Seeks Right To Pursue Lawsuit Against Luna Innovations Incorporated-DJ
Dow Jones reported that Hansen Medical, Inc. is seeking bankruptcy-court permission to pursue a $36 million legal judgment against Luna Innovations Incorporated. Hansen's request concerns the lawsuit it brought against Luna in 2007 accusing the company of breaking the terms of a product-development contract and of misappropriating its trade secrets. It was this lawsuit that spurred Luna to file for bankruptcy on July 17, taking advantage of Chapter 11's shield against pending litigation and effectively blocking Hansen's lawsuit from going forward. Though a California jury earlier this year awarded Hansen $36 million, the dispute hasn't yet been settled. Not only is Luna seeking to reduce the amount of that judgment, but Hansen said a key issue still remains unresolved - which company owns the intellectual property at the heart of the dispute. In an effort to address the remaining issues, Hansen asked the U.S. Bankruptcy Court in Roanoke, Va., to allow the California lawsuit to proceed. The court has scheduled a hearing for September 11 to consider Hansen's request. According to Hansen, Luna's effort to have the bankruptcy court quickly get up to snuff on the history of the dispute, rule on the true amount of Hansen's claim and tie up the remaining issues of the lawsuit is unreasonable.
Luna Innovations Incorporated Files For Chapter 11 Reorganization
Luna Innovations Incorporated announced that it voluntarily filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Western District of Virginia. The Company emphasizes that it expects to continue to operate normally to serve customers, develop and manufacture products, and maintain employment at all facilities during the restructuring process.
Luna Innovations Incorporated Issues Q2 2009 Revenue Outlook In Line With Analysts' Estimates; Reaffirms FY 2009 Revenue Outlook
Luna Innovations Incorporated announced that for the second quarter of 2009, it expects revenues of approximately $9.0 to $9.5 million. For fiscal 2009, it projects flat to modest revenue growth with total revenues between approximately $37 million and $40 million, which is expected to consist of product and license revenue of approximately $7 to $9 million and technology development revenue of approximately $30 to $31 million. According to Reuters Estimates, analysts were expecting the Company to report revenue of $9.1million for the second quarter of 2009; revenue of $37 million for fiscal 2009.
Luna Innovations Incorporated Announces Lawsuit Verdict
Luna Innovations Incorporated announced that a jury in Superior Court of the State of California, County of Santa Clara, returned a verdict in the ongoing litigation between Luna Innovations Incorporated and Hansen Medical, Inc. The jury found in favor of Hansen determining that Luna Innovations breached its contract with Hansen as well as misappropriated trade secrets belonging to Hansen. The jury awarded approximately $36 million in damages to Hansen.
