BOSTON, Aug. 24, 2018 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, announces that it has filed a securities fraud class action against CV Sciences, Inc. ("CV Sciences" or the "Company") (OTC: CVSI) and certain of its officers alleging violations of the federal securities laws and encourages shareholders to contact Block & Leviton ahead of the October 23, 2018 lead plaintiff deadline.
On August 20, 2018, Citron Research published a report on twitter alleging that CV Sciences' management misrepresented the status of one of its key patents. According to Citron Research, the Company failed to disclose a rejected patent that the Company "continue[d] to hype." As a result of the Citron report, CV Sciences stock plunged over 63% in volatile trading.
The complaint, filed in the United States District Court District of Nevada, captioned Smith v. CV Sciences, Inc. et al., Case No. 2:18-cv-01602 (D. Nev.), alleges that between June 19, 2017 and August 20, 2018, inclusive (the "Class Period"), Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose that its Patent #15/426,617: (1) received a non-final rejection from the USPTO on April 27, 2017; (2) a final rejection from the USPTO on December 14, 2017; and (3) as a result of the foregoing, Defendants' statements about CV Sciences' business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.
If you purchased CVSI shares between June 19, 2017 and August 20, 2018 and wish to serve as a lead plaintiff, you must move the Court no later than October 23, 2018.
If you wish to become involved in the litigation or have questions about your legal rights, you are encouraged to contact Attorney John DeFelice at (888) 868-2385, by email at firstname.lastname@example.org or by visiting http://shareholder.law/cvsi.
Confidentiality to whistleblowers or others with information relevant to this investigation is assured.
Block & Leviton LLP was recently ranked 4th among securities litigation firms by ISS for recoveries in 2017. The firm represents many of the nation's largest institutional investors and numerous individual investors in securities litigation throughout the country. Indeed, its lawyers have recovered billions of dollars for its clients.
The court in which this case is pending is located at 333 S Las Vegas Blvd, Las Vegas, NV 89101.
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