Evolv Technologies Holdings, Inc. is a security technology company that utilizes AI-based screening designed to help create safer experiences.

On October 25, 2024, Evolv announced that the Company's 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 has self-reported these issues to the Division of Enforcement of the Securities and Exchange Commission and was delaying filing its upcoming quarterly report for the third quarter of 2024. On this news, the price of Evolv stock declined roughly 40%, from $4.10 per share on October 24, 2024, to $2.47 per share on October 25, 2024.

In the wake of these announcements, a federal securities fraud class action complaint has been filed in which it is alleged that during the period starting August 19, 2022 through October 30, 2024 (the “Class Period”), Evolv, via certain of its officers, made materially false and misleading statements and omissions, and engaged in a scheme to deceive the market.

If you purchased Evolv shares either prior to August 19, 2022, or during the period starting August 19, 2022 through October 30, 2024, you are encouraged to contact us at [email protected], or call 267-507-6085.  You may be able to seek damages, corporate reforms, the return of funds back to the company, and a court approved incentive award at no cost to you whatsoever.