(NewMediaWire) - November 04, 2024 - Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed against Evolv Technologies Holdings, Inc. (“Evolv” or the “Company”) (NASDAQ: EVLV) securities between August 19, 2022 and October 30, 2024 (the “Class Period”).If you are an investor in Evolv and have suffered losses, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
The complaint alleges, that throughout the Class Period, Defendants (i) employed devices, schemes, and artifices to defraud; (ii) made untrue statements of material fact and/or omitted to state material facts necessary to make the statements not misleading; and (iii) engaged in acts, practices, and a course of business which operated as a fraud and deceit upon the purchasers of the Company’s securities in an effort to maintain artificially high market prices for Evolv securities.
On October 25, 2024, the Company announced in a Form 8-K filing with the Securities and Exchange Commission and a press release that its quarterly report would be delayed. The Company further disclosed that a Committee of independent directors of the Board had commenced “an internal investigation that is focused on the Company’s sales practices, including whether certain sales of products and subscriptions to channel partners and end users were subject to extra-contractual terms and conditions that impacted revenue recognition and other metrics, and if so, when senior Company personnel became aware of these issues.” The preliminary findings of the Committee’s investigation “determined that the accounting for certain sales transactions was inaccurate and that, among other things, revenue was prematurely or incorrectly recognized in connection with financial statements prepared for the periods between the second quarter of 2022 and the second quarter of 2024.”
Following this news, the price of Evolv stock fell $1.63 per share, nearly 40%, to close at $2.47 per share on October 25, 2024.
Then, on October 31, 2024 the Company announced that its Board of Directors has “terminated Peter George, President and Chief Executive Office of Evolv, without cause, effective immediately.”
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If you have any questions about this Notice, your rights, or your interests, please contact:
CONTACT:
Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
lking@kaplanfox.com
