The Shuman Law Firm Announces the Filing of a Securities Class Action
Lawsuit Against CannaVEST Corp.
BOULDER, Colo. -- May 20, 2014
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
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 firstname.lastname@example.org or Mr. Glenn at email@example.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 Firm
Kip B. Shuman, Esq., 866-974-8626
Rusty E. Glenn, Esq., 866-974-8626
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