The Shuman Law Firm Announces the Filing of a Securities Class Action Lawsuit Against CannaVEST Corp.
May 20 2014 - 8:00PM
Business Wire
The Shuman Law Firm today announced that a lawsuit seeking class
action status has been filed in the U.S. District Court for the
Southern District of New York on behalf of purchasers of CannaVEST
Corp. (“CannaVEST” or the “Company”) (OTC: CANV) securities between
May 20, 2013 and April 3, 2014, inclusive (the “Class Period”).
If you wish to discuss this action or have any questions
concerning this notice or your rights and interests with respect to
this matter, please contact Kip B. Shuman or Rusty E. Glenn toll
free at (866) 974-8626 or email Mr. Shuman at kip@shumanlawfirm.com
or Mr. Glenn at rusty@shumanlawfirm.com.
The Complaint alleges that during the Class Period defendants
issued false and misleading statements or failed to disclose that
the Company was misrepresenting and inflating its sales and also
exaggerating its goodwill. On April 3, 2014, CannaVEST announced
that on March 28, 2014, management concluded that the Company’s
previously issued financial statements contained in the Company’s
Quarterly Reports on Form 10-Q for the quarters ended March 31,
2013, June 30, 2013, and September 30, 2013, should no longer be
relied upon, and that sales and cost of sales for the quarter ended
March 31, 2013, were misstated. On this news, shares in CannaVEST
fell over 20%, closing at $25.30 per share on April 3, 2014, on
unusually heavy trading volume.
If you are a member of the proposed class, you may request that
the Court appoint you as lead plaintiff of the class no later June
23, 2014. A lead plaintiff is a class member that acts on behalf of
other class members in directing the litigation. Although your
ability to share in any recovery is not affected by the decision
whether or not to seek appointment as a lead plaintiff, lead
plaintiffs make important decisions which could affect the overall
recovery for class members.
The Shuman Law Firm represents investors throughout the nation,
concentrating its practice in securities class actions and
derivative litigation.
The Shuman Law FirmKip B. Shuman, Esq.,
866-974-8626kip@shumanlawfirm.comorRusty E. Glenn, Esq.,
866-974-8626rusty@shumanlawfirm.comFax:
303-484-4886www.shumanlawfirm.com
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