NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in CV Sciences, Inc. (“CV Sciences” or the “Company”) (Other OTC:CVSI) of the October 23, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in CV Sciences stock or options between June 19, 2017 and August 20, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/CVSI. There is no cost or obligation to you.
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The lawsuit has been filed in the U.S. District Court for the District of Nevada on behalf of all those who purchased CV Sciences common stock between June 19, 2017 and August 20, 2018 (the “Class Period”). The case, Smith v. CV Sciences, Inc. et al, No. 18-cv-01602 was filed on August 24, 2018, and has been assigned to Judge Jennifer A. Dorsey.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that the U.S. Patent and Trademark Office (the “USPTO”) rejected the patent for CVSI-007, the Company’s lead drug candidate for the treatment of smokeless tobacco addiction.
Specifically, on August 20, 2018, Citron Research reported on Twitter that the Company had failed to disclose that the USPTO rejected its patent for CVSI-007 on December 14, 2017.
Following the report, CV Science’s share price fell from $6.61 per share on August 17, 2018 to a closing price of $4.21 on August 20, 2018—a $2.40 or a 36.31% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding CV Sciences’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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