Class Action Lawsuit Filed Against CannaVest Corp.


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OTC:BB:CANV / OTC:BB:PHOT / PK:HEMP / PK:SMVR
05/08/2014 [ACCESSWIRE]

CannaVest Corp.’s (OTCQB: CANV) share volume remained strong on May 7th, with 29,705 shares exchanging hands, slightly lower than the three month daily average of 32,860 shares.

This comes after Levi & Korsinsky, a national firm with offices in New York, New Jersey, Connecticut, and Washington D.C., announced a class action lawsuit has been commenced in the USDC for the Southern District of New York on behalf of investors who purchased CannaVEST Corp. common stock between May 20th, 2013 and April 3rd, 2014.

In the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges that the Company was misrepresenting and inflating its sales and exaggerating its amount of goodwill. According to the complaint, when the Amended Form 8-K was filed and the true financial results were revealed, CannaVEST’s stock plummeted.

CANV closed at $17.30 on May 7th, five cents down from its previous close of $17.25.

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Class Action Lawsuit Filed Against GrowLife Inc.

GrowLife Inc. (OTCBB: PHOT) saw its share volume continue its downward trend on May 7th, with 12,880,844 shares exchanging hands, More than half its three month average daily volume of 27,678,400 shares.

The Law Offices of Howard G. Smith announced that a class action lawsuit has been filed on behalf of all purchasers of the securities of GrowLife between November 14th, 2013 and April 9th, 2014.

The complaint alleges that throughout the class period defendants issued false and misleading statements or failed to disclose that: (1) the Company had provided inaccurate and/or inadequate information about its stock and engaged in potentially manipulative transactions; (2) the Company lacked adequate internal and financial controls; and (3) as a result, the Company’s financial statements were materially false and misleading at all relevant times.

PHOT closed May 7th at $.16.

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Hemp Inc. Applauds Signing Of Hemp Bill in Hawaii

Hemp Inc.’s (OTCPINK: HEMP) share volume soared on May 7th, with 63,143,300 exchanging hands, significantly higher than its three month daily average volume of 41,287,847 shares.

Hemp Inc. applauded the signing of Senate Bill 2175 (Act 56) by Hawaii Governor, Neil Abercrombie, to allow the state’s University of Hawaii, College of Tropical Agriculture and Human Resources to establish a two-year industrial hemp remediation and biofuel crop research and analysis program.

Bruce Perlowin, CEO of Hemp, Inc. (HEMP) commented, "Hawaii is positioning itself to become a major player in the Industrial Hemp industry. I believe this environmentally-friendly crop could easily yield the U.S. more than the $500 million a year, as State Representative Thielen reported. You have to look at the big picture here. As each state follows suit, it inevitably produces numerous income potential for Hemp, Inc. and its shareholders... especially within our subsidiary, IHMMCC where we have a growing network of diverse public companies all working in a synergistic manner."

Perlowin continued, "Hemp, Inc., a pioneer in the industry, advocator and educator has promulgated for years hemp's viability as a sustainable resource, thus making it an unequivocally natural phytoremediator and perfect biofuel feedstock. Not to mention, with hemp, we can build stronger homes with cheaper lumber made from hemp, thereby slowing down the deforestation of precious trees, create more durable material to make clothing, canvas, rope, and many other things used by households every day and become independent from fossil fuels."

HEMP closed at $.0689 on May 7th, $.0164 (31.24%) higher than its previous close of $.0525.

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Smart Ventures Inc. To Enter Sativa Chews Market

Smart Ventures Inc.’s (OTCPINK: SMVR) share volume skyrocketed on May 7th with 63,697,076 shares exchanging hands, eight times higher than its three month daily average of 7,944,103 shares.

Smart Ventures Inc. recently announced it plans to enter the sativa chews market to develop its edible marijuana products brand.  A sativa chew is an edible chewy candy containing oil extracts from the sativa marijuana plant (THC) used in the production of edible chews such as chocolate chews, taffy chews, and other great products.

SMVR closed May 7th at $.0065, $.0041 (170.83%) higher than its previous close of $.0024.

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