The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of those who purchased the common stock of CannaVEST Corp. (“CannaVEST” or the “Company”) (OTCBB: CANV) between May 20, 2013 and April 3, 2014, inclusive (the “Class Period”). If you purchased CannaVEST common stock during the Class Period, you may move the Court for appointment as lead plaintiff by no later than June 23, 2014. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action. CannaVEST investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358. Background on the CannaVEST Securities Class Litigation The action charges CannaVEST with violations of the Securities Exchange Act of 1934. CannaVEST, headquartered in Las Vegas, Nevada, manufactures, markets, and sells products containing industrial hemp-based compounds, including cannabidiol, one of the cannabinoids found in hemp. The action alleges that, throughout the Class Period, the Company issued materially false and misleading statements and/or failed to disclose that CannaVEST was inflating its sales, and misrepresenting its amount of goodwill. On April 3, 2014, the Company disclosed that it had misreported its financial results in its Form 10-Qs for the quarters ended March 31, 2013, June 30, 2013, and September 30, 2013. On this news, the price of CannaVEST shares dropped $7.30 per share, or 22.39%, to close at $25.30 per share on April 3, 2014.
On April 14, 2014, CannaVEST disclosed that it had overstated sales by 17.79% in its Form 10-Q for the quarter ended March 31, 2013, and that it had overstated goodwill by 1355% in its Form 10-Qs for quarters ended March 31, 2013, June 30, 2013, and September 30, 2013. On this news, the price of CannaVEST shares dropped $4.49, or 19.52%, to close at $18.51 per share on April 14, 2014.About Lieff Cabraser Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for eleven years. In compiling the list, The National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Best Lawyers and U.S. News have also named Lieff Cabraser as a “Law Firm of the Year” each year the publications have given this award to law firms. For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.