San Diego, CA -- (SBWIRE) -- 05/05/2014 -- An investor, who purchased shares of CannaVEST Corp (OTCMKTS:CANV), filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by CannaVEST Corp in connection with certain allegedly false and misleading statements made between May 20, 2013 and April 3, 2014.
If you purchased shares of CannaVEST Corp (OTCMKTS:CANV), you have certain options and for certain investors are short and strict deadlines running. Deadline: June 23, 2014. CannaVEST investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of CannaVEST Corp (OTCMKTS:CANV) between May 20, 2013 and April 3, 2014, that CannaVEST Corp 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 Corp 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 Corp said in a filing with the SEC that on March 28, 2014, management of CannaVEST Corp. 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.
Those who purchased shares of CannaVEST Corp (OTCMKTS:CANV), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego