Securities class action litigation has been filed on behalf of investors who suffered losses from purchasing or otherwise acquiring Evolv Technologies, Holdings, Inc. (“Evolv” or the “Company”) (NASDAQ: EVLV) securities between August 19, 2022 and October 30, 2024, inclusive (the “Class Period”).

If you purchased Evolv securities during the Class, you may move the Court for appointment as lead plaintiff by no later than December 31, 2024.

A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.

Evolv investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should complete the form below, text or email investorinfo@lchb.com, or call Lieff Cabraser partner Sharon M. Lee at 1-800-541-7358.

Evolv is a security technology company that utilizes AI-based screening designed to help create safer experiences. The Company’s key market categories include education, healthcare, sports, and live entertainment.

The action alleges that during the Class Period, Evolv made material misstatements in its financial statements relating revenue recognition and other revenue-related metrics.  The truth began to emerge on October 25, 2024, when Evolv announced that its financial statements issued between the second quarter of 2022 and the second quarter of 2024 should not be relied upon due to material misstatements impacting revenue recognition and other reported metrics that are a function of revenue.  The Company revealed that “certain sales, including sales to one of its largest channel partners, were subject to extra-contractual terms and conditions” that were not shared with Evolv’s accounting personnel “and that certain Company personnel engaged in misconduct in connection with those transactions.”  In addition, Evolv announced plans to “report one or more additional material weaknesses in internal control over financial reporting,” and that the filing of its quarterly report for the third quarter of 2024 will be delayed.  According to the Company, it has “self-reported these issues” to the SEC’s Division of Enforcement. On this news, Evolv’s common stock price fell $1.63 per share, or approximately 40%, from its closing price of $4.10 per share on October 24, 2024, to close at $2.47 per share on October, 25, 2024, on unusually high trading volume.

A week later, Evolv announced that the Company’s long-time CEO Peter George had been terminated and temporarily replaced by the Company’s Chief Innovation Officer.  Following this news, Evolv’s common stock price fell $0.19 per share, or approximately 8%, from its closing price of $2.34 per share on October 30, 2024 to close at $2.15 per share on October 31, 2024, on unusually high trading volume.

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