TAKE A LOOK AT WHICH REPORT YOUR PORTFOLIO'S BEEN MISSING...

Shareholders Foundation offers real-time reporting of class action exposure on a per transaction basis,
including the documents you will need for claim filing and settlement recovery.
Start Monitoring Your Investments

CannaVEST Corporation (OTC: CANV) Investor Securities Class Action Lawsuit 04/23/2014

  • If you purchased shares of CannaVEST Corporation (OTC: CANV), you might have certain options and should contact the Shareholders Foundation, Inc

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
CannaVEST Corp
Security
OTCMKTS: CANV

Case Name
CannaVEST Shareholder Class Action Lawsuit 04/23/2014
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
You must register or login to receive notifications.

Click here to subscribe to CannaVEST Corp.
Summary

March 31, 2018 - The court granted in part and denied in part defendants' motions to dismiss.
April 26, 2016 - Defendants filed motions to dismiss.

September 14, 2015 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased CannaVEST Corporation (OTC: CANV) common shares between May 20, 2013 and April 14, 2014. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between May 20, 2013 and April 14, 2014.

March 19, 2015 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.

April 23, 2014 - An investor in shares of CannaVEST Corporation (OTC: CANV) filed a lawsuit in the U.S. District Court for the Southern District of New York against CannaVEST Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between May 20, 2013 and April 3, 2014.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of CannaVEST Corporation (OTC: CANV) between May 20, 2013 and April 3, 2014, that CannaVEST Corporation and certain of its officers and directors violated Federal Securities Laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff alleges that CannaVEST Corporation overstated its sales for the quarter ended March 31, 2013 by more than 17% and misstated its goodwill at June 30, 2013 by more than 1300%.

On April 3, 2014, CannaVEST Corporation said in a filing with the SEC that on March 28, 2014, management of CannaVEST Corporation concluded that the previously issued financial statements contained in its 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 because of errors related to the purchase price and the purchase price allocation for the assets acquired related to PhytoSPHERE Systems.

Shares of CannaVEST Corporation (OTC: CANV) declined to as low as $14.90 per share on April 15, 2014.