CannaVEST Corp. is a manufacturer and distributor of hemp and cannabidiol based products.

According to the law firm press release, the lawsuit asserts violations of the federal securities laws against CannaVEST and its officers and directors for issuing false and misleading statements about the Company’s financial condition. The Complaint alleges that CannaVEST overstated its sales for the quarter ended March 31, 2013 by more than 17% and misstated its goodwill on June 30, 2013 by more than 1300%.

On March 19, 2015, the Court appointed Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated Complaint on September 14. Defendants filed a Motion to Dismiss the Complaint on April 26, 2016. On March 31, 2018, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. On October 18, the Court issued an Order substituting Lead Plaintiff. On January 18, 2019, the Court issued an Order dismissing charges against one of the Individual Defendants.

This case was voluntarily dismissed on June 28, 2019.