Ryan & Maniskas, LLP Announces Class Action Lawsuit Against CannaVEST Corp.
WAYNE, Pa., May 9, 2014
WAYNE, Pa., May 9, 2014 /PRNewswire/ --Ryan & Maniskas, LLP announces that a
class action lawsuit has been filed in the United States District Court for
the Southern District of New York on behalf of purchasers of the common stock
CannaVEST Corp. ("CannaVEST" or the "Company") (OTC QB: CANV) between May 20,
2013 and April 3, 2014, inclusive (the "Class Period").
Ryan & Maniskas, LLP.
CannaVEST shareholders may, no later than June 23, 2014, move the Court for
appointment as a lead plaintiff of the Class. If you purchased shares of
CannaVEST and would like to learn more about these claims or if you wish to
discuss these matters and have any questions concerning this announcement or
your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218
or to sign up online, visit: www.rmclasslaw.com/cases/canv. You may also email
Mr. Maniskas at email@example.com.
CannaVEST manufactures, markets, and sells products containing hemp oil,
including (CBD). CBD is one of at least 65 cannabinoids found in hemp, and is
non-psychoactive. The Complaint alleges that throughout the Class Period,
defendants made materially false and misleading statements, and omitted
materially adverse facts, about the Company's business, operations and
prospects. Specifically, the Complaint alleges that the defendants concealed
from the investing public: (i) that the Company was misrepresenting, and
inflating, its sales; and (ii) that the Company was misrepresenting, and
exaggerating, its amount of goodwill. As a result of defendants' false and
misleading statements, the Company's stock traded at artificially inflated
prices during the Class Period.
According to the Complaint, on April 3, 2014, the Company filed a Form 8-K
with the U.S. Securities and Exchange Commission ("SEC") announcing that it
had misreported its financial position on the Forms 10-Q for the quarters
ended March 31, 2013, June 30, 2013, and September 30, 2013, and as such, the
2013 First, Second, and Third Quarter Forms 10-Q could no longer be relied
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 class, you may, no later than June 23, 2014,
request that the Court appoint you as lead plaintiff of the class. A lead
plaintiff is a representative party that acts on behalf of other class members
in directing the litigation. In order to be appointed lead plaintiff, the
Court must determine that the class member's claim is typical of the claims of
other class members, and that the class member will adequately represent the
class. Under certain circumstances, one or more class members may together
serve as "lead plaintiff." Your ability to share in any recovery is not,
however, affected by the decision whether or not to serve as a lead plaintiff.
You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve
as your counsel in this action.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan &
Maniskas, LLP is devoted to protecting the interests of individual and
institutional investors in shareholder actions in state and federal courts
nationwide. To learn more about the class action process, please visit:
Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire
995 Old Eagle School Rd., Suite 311
Wayne, PA 19087
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SOURCE Ryan & Maniskas, LLP
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