San Diego, CA -- (SBWIRE) -- 06/03/2014 -- An investigation on behalf of current long-term investors in shares of CannaVEST Corp (OTCMKTS:CANV) concerning potential breaches of fiduciary duties by certain directors and officers of CannaVEST Corp was announced.
Investors who are current long term investors in CannaVEST Corp (OTCMKTS:CANV) shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in OTCMKTS:CANV stocks follows a lawsuit filed recently against CannaVEST Corp over alleged securities laws violations. The investigation on behalf of current long term investors in CannaVEST stocks, concerns whether certain CannaVEST officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Southern District of New York the plaintiff alleges that CannaVEST Corp 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. Shares of CannaVEST Corp declined to as low as $14.90 per share on April 15, 2014.
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