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Ruth v. Mona

United States District Court, D. Nevada

July 17, 2018

MICHAEL RUTH, and OTILDA LAMONT, Derivatively on Behalf of CANNAVEST CORP., Plaintiffs,
v.
MICHAEL MONA, JR., BART P. MACKAY, and LARRY RASKIN, Defendants, and CANNAVEST CORP., now known as CV SCIENCES, INC. Nominal Defendant.

          MATTHEW L. SHARP, LTD. MATTHEW L. SHARP 432 RIDGE STREET RENO, NV 89501 AND GAINEY MCKENNA & EGLESTON THOMAS J. MCKENNA (ADMITTED PRO HACE VICE) COUNSEL FOR PLAINTIFFS

          PROCOPIO, CORY, HARGREAVES & SAVITCH, LLP S. TODD NEAL (ADMITTED PRO HAC VICE) SEAN M. SULLIVAN (ADMITTED PRO HAC VICE) AND JOLLEY URGA WOODBURY & LITTLE WILLIAM R. URGA (NEV. BAR 1195) 3800 HOWARD HUGHES PARKWAY WELLS FARGO TOWER, SIXTEENTH FLOOR LAS VEGAS, NEVADA 89169 COUNSEL FOR DEFENDANTS

          STIPULATION AND [PROPOSED] ORDER CONCERNING A STAY OF THE ACTION, AND DISCOVERY

          RICHARD F. BOULWARE, II, UNITED STATES DISTRICT JUDGE

         WHEREAS plaintiffs, Michael Ruth and Otilda Lamont (“Plaintiffs”), brought the above-captioned consolidated action (the “Action”), derivatively on behalf of CannaVest Corp., now known as CV Sciences, Inc. (“CV Sciences” or the “Company”), alleging violations of law and breaches of fiduciary duty against certain of the Company's current and former officers and directors (collectively with CV Sciences “Defendants”) (Plaintiffs and Defendants are collectively referred to herein as the “Parties”);

         WHEREAS, by Order dated January 11, 2016, (D.E. 34), Judge Boulware ordered that the current Action shall continue to be stayed pending a resolution of the motion to dismiss in a related action pending in the United States District Court for the Southern District of New York styled as In re: CannaVest Corp., Securities Litigation, No. 14-cv-2900 (hereafter, the “New York Federal Securities Action”);

         WHEREAS, in the New York Federal Securities Action the lead plaintiff filed a consolidated complaint on September 14, 2015, and Defendants responded with a motion to dismiss on December 11, 2015;

         WHEREAS, the lead plaintiff in the New York Federal Securities Action served its Opposition to Defendants' Motion to Dismiss on March 21, 2016;

         WHEREAS, the Defendants' motion to dismiss the New York Federal Securities Action was fully briefed, with all papers having been docketed on September 30, 2016;

         WHEREAS, on March 31, 2018, the Court in the New York Federal Securities Action issued its written opinion denying in part and granting in part the motion to dismiss;

         WHEREAS, the answer of the remaining defendants in the New York Federal Securities Action was filed on April 30, 2018;

         WHEREAS, an action was filed by the Securities and Exchange Commission (“SEC”) on June 15, 2017 against CannaVest Corp. and Michael J. Mona, Jr., two defendants in the instant action, in the United States District Court of Nevada, Civil Action No. 2-17-cv-01681 (“SEC Action”);

         WHEREAS, the SEC Action has been settled pursuant to a Stipulated/Consent Judgment which was granted on June 1, 2018;

         WHEREAS, a second amended shareholder derivative complaint was filed in this Action on May 30, 2018;

         WHEREAS, there are no motions presently pending in this ...


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