Lieff Cabraser Reminds CannaVEST Corp. Investors of Upcoming Deadline in
Class Action Litigation – CANV
SAN FRANCISCO -- May 23, 2014
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,
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, LLP
Sharon M. Lee, 415-956-1000
Press spacebar to pause and continue. Press esc to stop.