Law360 (September 2, 2020, 9:36 PM EDT) — Executives from CBD company CV Sciences asked a California federal judge to throw out a derivative suit filed by shareholders who say the company misled them about the approval of a patent, saying the fact the patent was eventually approved means it made no misstatements.
The lawsuit concerns a stock drop that occurred after it was revealed CV Sciences was touting a product as “patent pending” when in fact the U.S. Patent and Trademark Office had earlier rejected the patent application. But CV Sciences received a patent in May on its product CVSI-007, which is used to treat smokeless tobacco addiction…
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