Faruqi & Faruqi, LLP Reminds Investors In CannaVEST Corporation (CANV) Of Imminent Deadline To Protect Your Rights
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in CannaVEST Corporation (“CannaVEST” or the “Company”) (OTC MKTS: CANV) of the June 23, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against CannaVEST and certain executives and directors.
A complaint has been filed in the Southern District of New York on behalf of all persons who purchased CannaVEST common stock between May 20, 2013 and April 3, 2014, inclusive (the “Class Period”).
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that throughout the Class Period, the Company made false and/or misleading statements and/or failed to disclose that CannaVEST overstated its sales for the quarter ended March 31, 2013 by over 17% and misstated its goodwill by over 1300%.
On April 3, 2014, the Company announced in a Form 8-K that it had made material errors in its Form 10-Qs for the first three quarters of 2013.
Following this news, the Company’s shares declined by $6.76 per share, or over 21%, to close at $25.30 per share on April 3, 2014.
If you invested in CannaVEST stock or options between May 20, 2013 and April 3, 2014 and would like to discuss your legal rights, you can contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding CannaVEST’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.