Robbins Arroyo LLP: CV Sciences, Inc. (CVSI) Misled Shareholders According to a Recently Filed Lawsuit
December 4, 2018
SAN DIEGO & LAS VEGAS–(BUSINESS WIRE)–$cvs #ClassAction–Shareholder rights law firm Robbins
Arroyo LLP announces that a purchaser of CV Sciences, Inc. (Other
OTC: CVSI) has filed a shareholder derivative complaint against the
company’s officers and directors for alleged breaches of fiduciary
duties from June 19, 2017 through the present. CV Sciences is a life
science company that focuses on developing products using synthetic
cannabidiol (“CBD”). The company’s lead product is known as CVSI-007, a
chewing gum containing nicotine and CBD designed to aid in the cessation
of smokeless tobacco use.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/cv-sciences-inc-dec-2018/
CV Sciences Accused of Failing to Inform Investors of Patent
Rejection
According to the complaint, CV Sciences touted that CVSI-007 had a
market estimated at “greater than $2 billion,” demonstrating the
importance of CVSI-007 to the company’s operations. 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, and has yet to
regain its value.
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, LKandinov@robbinsarroyo.com,
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
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Contacts
Robbins Arroyo LLP
Leonid Kandinov
LKandinov@robbinsarroyo.com
(619)
525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com