Cohen, Placitella & Roth, PC Investigating CannaVEST Corp. for Issuing False and Misleading Financial Statements for the First Three Quarters of 2013

PHILADELPHIA, May 9, 2014 /PRNewswire/ -- Cohen, Placitella & Roth, PC is investigating claims on behalf of investors who purchased CannaVEST Corp.  ("CannaVEST" or "Company") (OTCBB: CANV) stock between May 20, 2013 and April 3, 2014, inclusive ("Class Period").  The investigation concerns whether CannaVEST disseminated materially false and/or misleading information to investors in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. 

CannaVEST is a Delaware corporation, headquartered in Las Vegas, Nevada, that manufactures, markets, and sells products containing industrial hemp-based compounds, including cannabidoil (CBD), one of the cannabinoids found in hemp. Throughout the Class Period, the Company allegedly issued materially false and misleading statements and/or failed to disclose that CannaVEST was inflating sales figures, and improperly inflating its goodwill. On April 3, 2014, the Company disclosed that its financial results in its Form 10-Qs for the quarters ended March 31, 2013, June 30, 2013, and September 30, 2013 were materially false.  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, the Company 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 related news, the price of CannaVEST shares dropped another $4.49, or 19.52%, to close at $18.51 per share on April 14, 2014.

If you have any information on CannaVEST's issuance of materially false and misleading financial statements for the first three quarters of 2013 and accompanying restatement, or you wish to consider serving as lead plaintiff, please contact Eduardo A. Texidor, Jr., no later than June 23, 2014, at [email protected] or, toll free, at 1-888-375-7600.  For those investors inquiring via email, please be sure to include "CannaVEST" in the subject line, the number of shares purchased, and your mailing address and telephone number.    

Since 1973, Cohen, Placitella & Roth, PC has been recognized as one of the premier trial law firms in the country. The firm has extensive experience in prosecuting securities litigation involving violations of the federal securities laws, state law derivative actions and mergers and acquisitions cases, representing institutional investors such as public pension plans and union pension funds as well as individual shareholders suffering substantial investment losses due to corporate misconduct. LexisNexis Martindale-Hubbell® annually reports Cohen, Placitella & Roth's peer rating-the highest AV® - "a testament to professional excellence." Since the inauguration of its "Best Law Firms"' edition in 2010, U.S. News and World Report has annually listed Cohen, Placitella & Roth's as one of the top-tier class action law firms in the country.

Contact: 
Eduardo A. Texidor, Jr. 
Cohen, Placitella, and Roth, PC 
Toll free: 1-888-375-7600
[email protected] 
www.cprlaw.com

SOURCE Cohen, Placitella & Roth, P.C.

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