Kirby McInerney LLP Announces Investigation of Shareholder Claims Against Evolv Technologies Holdings, Inc. (EVLV)

Business Wire 1-Nov-2024 5:01 PM

The law firm of Kirby McInerney LLP is investigating potential claims against Evolv Technologies Holdings, Inc. ("Evolv" or the "Company") (NASDAQ:EVLV). The investigation concerns whether Evolv and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.

[Click here to learn more about the investigation]

On October 25, 2024, Evolv announced that it would not be able to timely file its Form 10-Q for the third quarter ended September 30, 2024 with the U.S. Securities and Exchange Commission. Evolv stated that: (1) the Company "made a preliminary determination that certain sales, including sales to one of its largest channel partners, were subject to extra-contractual terms and conditions[;]"; (2) "certain Company personnel engaged in misconduct in connection with those transactions[;]"; and (3) "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." As a result, Evolv warned investors against relying on the Company's financial statements for the years ended December 31, 2022 and 2023 and for the quarters and year-to-date periods ended June 30, 2022, September 30, 2022, March 31, 2023, June 30, 2023, September 30, 2023, March 31, 2024 and June 30, 2024.

On this news, the price of Evolv shares declined by $1.63 per share, or approximately 39.8%, from $4.10 per share on October 24, 2024, to close at $2.47 on October 25, 2024.

If you purchased or otherwise acquired Evolv securities, have information, or would like to learn more about this investigation, contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.

Kirby McInerney LLP is a New York-based plaintiffs' law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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