CV Sciences, Inc. Accused of Omitting Rejection of Its Patent in Its Reports

According to the recently filed class action complaint, CV Sciences, Inc. (OTC: CVSI) 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.

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