SAN FRANCISCO, CA / ACCESSWIRE / December 16, 2024 / National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP encourages investors in Evolv Technologies Holdings, Inc. ("Evolv" or the "Company") (NASDAQ:EVLV) who suffered losses from purchasing or otherwise acquiring Evolv securities between August 19, 2022 and October 30, 2024, inclusive(the "Class Period"), to contact us immediately regarding a pending securities class action against Evolv. The deadline to apply to be lead plaintiff is December 31, 2024.
Class Period: August 19, 2022 - October 30, 2024
Lead Plaintiff Motion Deadline: December 31, 2024
Case information:lieffcabraser.com/securities/evolv
Contact us: Email or textinvestorinfo@lchb.com or call 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.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with over 125 attorneys in offices in San Francisco, New York, Nashville, and Munich, Germany, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Repeatedly recognized as a "Plaintiffs' Powerhouse" by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $129 billion in verdicts and settlements. For over 50 years, Lieff Cabraser has remained committed to ensuring access to justice for all.
Source/Contact
Sharon Lee
Lieff Cabraser Heimann & Bernstein, LLP
415 956-1000
slee@lchb.com
SOURCE: Lieff Cabraser Heimann & Bernstein, LLP
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