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 "Class
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. Shuma at email@example.com
or Mr. Glenn at firstname.lastname@example.org.
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
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