Evolv Technologies Holdings, Inc.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
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CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
Evolv is a security technology firm that uses AI-based screening to help create safer environments. A legal complaint has been filed alleging that Evolv’s financial statements for the periods between Q2 2022 and Q2 2024 contained significant errors regarding revenue recognition and other metrics tied to revenue.
On October 25, 2024, Evolv announced that its financial statements for the period from Q2 2022 to Q2 2024 should no longer be relied upon due to material misstatements affecting revenue recognition and other related metrics. The company disclosed that some sales, including those from one of its largest channel partners, involved terms and conditions not disclosed to its accounting team. Additionally, some employees were found to have engaged in misconduct related to these transactions. Evolv also reported that it had self-reported these issues to the SEC’s Division of Enforcement and would delay filing its third-quarter 2024 financial report. Following this announcement, Evolv’s stock price dropped approximately 40%, from $4.10 per share on October 24, 2024, to $2.47 per share on October 25, 2024.
On October 31, 2024, Evolv announced the immediate termination of its CEO, Peter George. Michael Ellenbogen, Evolv’s Chief Innovation Officer, was appointed interim CEO until a permanent successor is found. This news led to an additional 8% drop in the stock price, which fell from $2.34 per share on October 30, 2024, to $2.15 per share on October 31, 2024.
