NEW ORLEANS, May 8, 2014 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until June 23, 2014 to file lead plaintiff applications in a securities class action lawsuit against CannaVEST Corp. (Other OTC:CANV), if they purchased the Company's securities during the period between May 20, 2013 to April 3, 2014, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased shares of CannaVEST and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850, or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com) or KSF Partner Melinda Nicholson (melinda.nicholson@ksfcounsel.com). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by June 23, 2014.
About the Lawsuit
CannaVEST and certain of its executives are charged with issuing a series of materially false and misleading statements during the Class Period, violating federal securities laws.
These false statements and omissions included, in part, that the Company: (i) was misrepresenting, and inflating, its sales; and (ii) was misrepresenting, and exaggerating, its amount of goodwill.
On April 4, 2014, the Company announced that its previously issued financial statements for the quarters ended March 31, 2013, June 30, 2013, and September 30, 2013 would be restated and could no longer be relied upon, stating that the allocation methodology used by management was not in accordance with GAAP. On this news, the price of CannaVEST's stock plummeted.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.