TMCnet News
Robbins Arroyo LLP: CV Sciences, Inc. (CVSI) Misled Shareholders According to a Recently Filed Class ActionShareholder rights law firm Robbins Arroyo LLP announces that purchasers of CV Sciences, Inc. (Other OTC: CVSI) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between June 19, 2017 and August 20, 2018. CV Sciences operates as a life science company. The company's chief pharmaceutical product is known as CVSI-007, a chewing gum product designed to treat smokeless tobacco use and addiction. View this information on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/cv-sciences-inc/ CV Sciences Accused of Omitting Rejection of Its Patent in Its Reports According to the complaint, CV Sciences touted that CVSI-007 had a market estimated at "greater than $2 billion" and that the drug provides an important growth channel for the company. In 2016, CV Sciences filed a patent application with the U.S. Patent Trademark Office ("USPTO") for CVSI-007. On December 14, 2017, the USPTO made a final rejection decision on the company's patent, but CV Sciences never reported that the patent had been rejected and continued to represent that CVSI-007 was patent-protectable. On August 20, 2018, Citron Research reported CV Sciences' failure to disclose the December 2017 final rejection of the patent. On this news, CV Sciences' stock plunged over 36% to close at $4.21 per share on August 20, 2018. CV Sciences Shareholders Have Legal Options Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, [email protected], or via the shareholder information form on the firm's website. Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Sign up for our FREE portfolio monitoring service, Stock Watch. Attorney Advertising. Past results do not guarantee a similar outcome.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180905005841/en/ |
