Cohen, Placitella & Roth, PC Investigating CannaVEST Corp. for Issuing False
and Misleading Financial Statements for the First Three Quarters of 2013
PHILADELPHIA, May 9, 2014
PHILADELPHIA, May 9, 2014 /PRNewswire/ --Cohen, Placitella & Roth, PC is
investigating claims on behalf of investors who purchased CannaVEST Corp.
("CannaVEST" or "Company") (OTCBB: CANV) stock between May 20, 2013 and April
3, 2014, inclusive ("Class Period"). The investigation concerns whether
CannaVEST disseminated materially false and/or misleading information to
investors in violation of Sections 10(b) and 20(a) of the Securities Exchange
Act of 1934.
CannaVEST is a Delaware corporation, headquartered in Las Vegas, Nevada, that
manufactures, markets, and sells products containing industrial hemp-based
compounds, including cannabidoil (CBD), one of the cannabinoids found in hemp.
Throughout the Class Period, the Company allegedly issued materially false and
misleading statements and/or failed to disclose that CannaVEST was inflating
sales figures, and improperly inflating its goodwill. On April 3, 2014, the
Company disclosed that its financial results in its Form 10-Qs for the
quarters ended March 31, 2013, June 30, 2013, and September 30, 2013 were
materially false. 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, the Company 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 related news, the price of CannaVEST
shares dropped another $4.49, or 19.52%, to close at $18.51 per share on April
If you have any information on CannaVEST's issuance of materially false and
misleading financial statements for the first three quarters of 2013 and
accompanying restatement, or you wish to consider serving as lead plaintiff,
please contact Eduardo A. Texidor, Jr., no later than June 23, 2014, at
firstname.lastname@example.org or, toll free, at 1-888-375-7600. For those investors
inquiring via email, please be sure to include "CannaVEST" in the subject
line, the number of shares purchased, and your mailing address and telephone
Since 1973, Cohen, Placitella & Roth, PC has been recognized as one of the
premier trial law firms in the country. The firm has extensive experience in
prosecuting securities litigation involving violations of the federal
securities laws, state law derivative actions and mergers and acquisitions
cases, representing institutional investors such as public pension plans and
union pension funds as well as individual shareholders suffering substantial
investment losses due to corporate misconduct. LexisNexis Martindale-Hubbell®
annually reports Cohen, Placitella & Roth's peer rating-the highest AV® - "a
testament to professional excellence." Since the inauguration of its "Best Law
Firms"' edition in 2010, U.S. News and World Report has annually listed Cohen,
Placitella & Roth's as one of the top-tier class action law firms in the
Eduardo A. Texidor, Jr.
Cohen, Placitella, and Roth, PC
Toll free: 1-888-375-7600
SOURCE Cohen, Placitella & Roth, P.C.
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