Source: Rosen Law Firm Press Release, April 11 2014
The Rosen Law Firm announces that it is investigating potential securities fraud claims against CannaVEST Corp. (OTCMKTS:CANV) resulting from allegations that the Company may have issued materially misleading business information to the investing public.
On April 3, 2014, CANV announced that its Form 10-Qs for the first three quarters of 2013 could no longer be relied upon. Specifically, CANV admitted that the purchase price and the allocation of the purchase price related to PhytoSPHERE Systems as disclosed on the 10-Qs were not in accordance with accounting principles generally accepted in the United States (“GAAP”). In addition, CANV concluded that sales and cost of sales for the quarter ended March 31, 2013 were incorrect. As a result of these adverse disclosures, the value of CANVS stock fell by 20% on April 3, 2014, damaging investors.
The Rosen Law Firm is preparing a securities class action lawsuit on behalf of CANV investors. If you purchased CANV stock between May 20, 2013 and April 3, 2014, please visit the website at http://rosenlegal.com to join the class action or for more information. You may also contact Phillip Kim, Esq. or Yu Shi, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at [email protected] or [email protected].
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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