Lieff Cabraser Reminds CannaVEST Corp. Investors of Upcoming Deadline in Class Action Litigation – CANV
May 23 2014 - 4:25PM
Business Wire
Lieff Cabraser Heimann & Bernstein, LLP reminds investors of
the June 23, 2014 deadline to move for appointment as lead
plaintiff in the securities class litigation brought on behalf of
those who purchased the common stock of CannaVEST Corp.
(“CannaVEST” or the “Company”) (OTCBB:CANV) between May 20, 2013
and April 3, 2014, inclusive (the “Class Period”).
If you purchased CannaVEST common stock during the Class Period,
you may move the Court for appointment as lead plaintiff by no
later than June 23, 2014. A lead plaintiff is a representative
party who acts on behalf of other class members in directing the
litigation. Your share of any recovery in the action will not be
affected by your decision of whether to seek appointment as lead
plaintiff. You may retain Lieff Cabraser, or other attorneys, as
your counsel in the action.
CannaVEST investors who wish to learn more about the action and
how to seek appointment as lead plaintiff should click here or
contact Sharon M. Lee of Lieff Cabraser toll-free at
1-800-541-7358.
The action charges CannaVEST with violations of the Securities
Exchange Act of 1934. CannaVEST, headquartered in Las Vegas,
Nevada, manufactures, markets, and sells products containing
industrial hemp-based compounds, including cannabidiol, one of the
cannabinoids found in hemp.
The action alleges that, throughout the Class Period, the
Company issued materially false and misleading statements and/or
failed to disclose that CannaVEST was inflating its sales, and
misrepresenting its amount of goodwill.
On April 3, 2014, the Company disclosed that it had misreported
its financial results in its Form 10-Qs for the quarters ended
March 31, 2013, June 30, 2013, and September 30, 2013. On this
news, the price of CannaVEST shares dropped $7.30 per share, or
22.39%, to close at $25.30 per share on April 3, 2014.
On April 14, 2014, CannaVEST disclosed that it had overstated
sales by 17.79% in its Form 10-Q for the quarter ended March 31,
2013, and that it had overstated goodwill by 1355% in its Form
10-Qs for quarters ended March 31, 2013, June 30, 2013, and
September 30, 2013. On this news, the price of CannaVEST shares
dropped $4.49, or 19.52%, to close at $18.51 per share on April 14,
2014.
About Lieff Cabraser
Lieff Cabraser is a nationally recognized law firm committed to
advancing the rights of investors and promoting corporate
responsibility.
For eleven years, the National Law Journal has selected Lieff
Cabraser as one of the top plaintiffs’ law firms in the nation.
Best Lawyers and U.S. News have also named Lieff Cabraser as a “Law
Firm of the Year” each year the publications have given this award
to law firms.
For more information about Lieff Cabraser and the firm’s
representation of investors, please visit
http://www.lieffcabraser.com.
Lieff Cabraser Heimann & Bernstein, LLPSharon M. Lee,
415-956-1000
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