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CV Sciences, Inc. (OTC: CVSI) Investor Securities Class Action Lawsuit 08/24/2018

  • If you purchased shares of CV Sciences, Inc. (OTC: CVSI), you may have certain options. Please 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
CV Sciences, Inc.
Security
OTC: CVSI

Case Name
CV Sciences Shareholder Class Action Lawsuit 08/24/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Nevada

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Summary

December 10, 2019 - The court denied the defendants' motion to dismiss.

March 5, 2019 - A motion to dismiss the amended complaint was filed.

January 4, 2019 - An amended complaint was filed.

August 24, 2018 - An investor in shares of CV Sciences, Inc. (OTC: CVSI) filed a lawsuit in the U.S. District Court for the District of Nevada over alleged violations of Federal Securities Laws by CV Sciences, Inc. in connection with certain allegedly false and misleading statements made between June 19, 2017 and August 20, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of CV Sciences, Inc. (OTC: CVSI) common shares between June 19, 2017 and August 20, 2018, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between June 19, 2017 and August 20, 2018, the Defendants failed to disclose that its Patent #15/426,617 received a non-final rejection from the USPTO on April 27, 2017, that a final rejection from the USPTO on December 14, 2017, and that as a result of the foregoing, Defendants' statements about CV Sciences' business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.

Las Vegas, NV based CV Sciences, Inc. operates as a life science company. CV Sciences, Inc. reported that its annual Total Revenue rose from over $11.06 million in 2016 to over $20.67 million in 2071 and that its Net Loss declined from over $14.14 million in 2016 to over $4.89 million in 2017.

Shares of CV Sciences, Inc. (OTC: CVSI) grew from $0.37 per share in early 2018 to as high as $6.81 per share on August 13, 2018.

On August 20, 2018, Citron Research published a tweet alleging that CV Sciences' management misrepresented the status of the Company's intellectual property. According to Citron Research, the Company has failed to disclose a rejected patent that the Company continues to hype.

Shares of CV Sciences, Inc. (OTC: CVSI) declined to $3.40 per share on August 20, 2018.

On August 28, 2018, CV Sciences, Inc. announced that it disputes the allegations in the complaint. CV Sciences also said that allegations in the lawsuit mirror the allegations made in a public “report” by Citron Research, which CV Sciences states is a firm that sources indicate is run by an activist short seller.