Faruqi & Faruqi, LLP Announces Proposed Settlement Of In Re CV Sciences, Inc. Securities Litigation

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Faruqi & Faruqi, LLP

Apr 11, 2022, 10:00 ET

NEW YORK, April 11, 2022 /PRNewswire/ --

UNITED STATES DISTRICT COURT
DISTRICT OF NEVADA

In re: CV SCIENCES, INC. SECURITIES LITIGATION

Case No. 2:18-cv-01602-JAD-BNW

This Document Relates to: All Actions

SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION

TO: ALL PERSONS WHO PURCHASED THE COMMON STOCK OF CV SCIENCES, INC. ("CV SCIENCES") IN THE UNITED STATES OR ON THE OTC BETWEEN JUNE 19, 2017 AND AUGUST 20, 2018 AT 1:21 P.M. EST, INCLUSIVE, AND WERE DAMAGED THEREBY ("CLASS").

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the District of Nevada, that Lead Plaintiff Richard Ina, Trustee for the Ina Family Trust ("Lead Plaintiff"), on behalf of himself and each member of the Class, and defendants CV Sciences, Michael Mona, Jr., Joseph D. Dowling, and Michael Mona, III, have reached a proposed settlement of the above-captioned action ("Action") in the amount of $712,500 that, if approved, will resolve the Action in its entirety (the "Settlement").

A hearing will be held on July 22, 2022 at 10:00 a.m., at the Lloyd D. George Court House, 333 S. Las Vegas Blvd., Las Vegas, NV 89101, Courtroom 6D for the purpose of determining: (1) whether the proposed Settlement as set forth in the Stipulation of Settlement dated January 31, 2022 ("Stipulation") of the Action is fair, reasonable, and adequate; (2) whether a Judgment should be entered by the Court dismissing the Action with prejudice; (3) whether the Plan of Allocation for distribution of the settlement funds available for distribution is fair, reasonable, and adequate and should be approved; and (4) whether the application of Lead Counsel for the payment of attorneys' fees in the amount of 25% of the Settlement Fund, reimbursement of Lead Counsel's expenses up to $50,000, and an award to Lead Plaintiff for his reasonable costs and expenses up to $12,000 should be approved.

IF YOU PURCHASED THE COMMON STOCK OF CV SCIENCES IN THE UNITED STATES OR ON THE OTC BETWEEN JUNE 19, 2017 AND AUGUST 20, 2018 AT 1:21 P.M EST, INCLUSIVE, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS LITIGATION. You may obtain copies of a detailed Notice of Pendency and Settlement of Class Action ("Notice") and Proof of Claim and Release form ("Claim Form") by writing to CV Sciences Securities Litigation, Claims Administrator, P.O. Box 2004, Chanhassen, MN 55317-2004, visiting the website www.CVSciencesSecuritiesLitigation.com, e-mailing the Claims Administrator at [email protected], or calling the Claims Administrator toll free at 1-866-645-2347. Inquiries other than requests for the above-referenced documents may also be made to Lead Counsel:

Katherine M. Lenahan
FARUQI & FARUQI, LLP
685 Third Avenue
26th Floor
New York, NY 10017

If you are a Class Member, in order to share in the distribution of the Settlement Fund, you must submit a Claim Form postmarked or submitted electronically no later than JULY 15, 2022, establishing that you are entitled to recovery. NOTE THAT NO CLAIMS LESS THAN $10.00 WILL BE PROCESSED OR PAID. Your failure to timely submit your Claim Form will subject your claim to possible rejection and may preclude you from receiving any of the recovery in connection with the settlement of this Action.

To exclude yourself from the Class, you must submit a written request for exclusion in accordance with the instructions set forth in the Notice such that it is received no later than JULY 1, 2022. All Class Members who have not requested exclusion from the Class will be bound by the Settlement entered in the Action even if they do not submit a timely Claim Form.

Any objection to the Settlement, the Plan of Allocation of settlement proceeds, or the fee and expense application must be received by each of the addresses indicated in the Notice on or before JULY 1, 2022.

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE, THIS SETTLEMENT, OR THIS CLAIMS PROCESS. If you have any questions about the Settlement, you may contact Lead Counsel at the address listed above.

SOURCE Faruqi & Faruqi, LLP