CV Sciences, Inc. is a life sciences company that produces CBD-derived consumer products and specialty pharmaceuticals.

On August 24, 2018, Plaintiff's law firm issued a press release announcing the law suit. According to the press release, 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 alleges that during 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.

On November 15, 2018, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. The consolidated cases are to be captioned "In re: CV Sciences, Inc. Securities Litigation." On January 4, 2019, Lead Plaintiff filed an amended Complaint. Defendants filed a Motion to Dismiss the amended Complaint on March 5. On December 10, the Court issued an Order denying Defendants' Motion to Dismiss. Lead Plaintiff filed a second amended Complaint on March 5, 2021.

On January 31, 2022, the parties entered into a Stipulation of Settlement. The Court granted preliminary approval of the Settlement on March 9. On July 22, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.

On June 23, 2023, the Court issued an Order approving distribution of the net Settlement fund.