NEW YORK, Nov. 04, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Evolv Technologies Holdings, Inc. (“Evolv” or the “Company”) (NASDAQ: EVLV) in the United States District Court for the District of Massachusetts on behalf of all persons and entities who purchased or otherwise acquired Evolv securities between August 19, 2022 and October 30, 2024, both dates inclusive (the “Class Period”). Investors have until December 31, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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The Complaint alleges that on October 25, 2024, the Company 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 previously 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” not shared with the Company's accounting personnel “and that certain Company personnel engaged in misconduct in connection with those transactions.” The Company also announced that it “expects to report one or more additional material weaknesses in internal control over financial reporting,” was delaying filing its upcoming quarterly report for the third quarter of 2024, and that it has “self-reported these issues” to the Division of Enforcement of the SEC. On this news, the price of the Company stock declined roughly 40%, from $4.10 per share on October 24, 2024, to $2.47 per share on October 25, 2024.
If you purchased or otherwise acquired Evolv shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
