Pomerantz Law Firm Announces the Filing of a Class Action Against Evolv Technologies Holdings, Inc. EVLV

Pomlaw 11-Nov-2024 2:42 PM

Pomerantz LLP announces that a class action lawsuit has been filed against Evolv Technologies Holdings, Inc. ("Evolv" or the "Company") (NASDAQ:EVLV).   Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

The class action concerns whether Evolv and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

You have until December 31, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Evolv securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.         

[Click here for information about joining the class action]   

On October 25, 2024, Evolv issued a press release "announc[ing] that shareholders and others should not rely upon certain of the Company's previously issued financial statements and that it will delay filing its Quarterly Report on Form 10-Q for the period ended September 30, 2024.  The press release disclosed "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" and "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." 

On this news, Evolv's stock price fell $1.63 per share, or 39.76%, to close at $2.47 per share on October 25, 2024. 

Then, on October 31, 2024, Evolv announced the termination of the Company's Chief Executive Officer, Peter George, "effective immediately."  The Company announced that Michael Ellenbogen, Evolv's Chief Innovation Officer will serve in an interim role until a successor is appointed.

 On this news, Evolv's stock price fell $0.19 per share, or 8.12%, to close at $2.15 per share on October 31, 2024.