Evolv Technologies Faces Class Action Lawsuit for Financial Misstatements, CEO Removal
Evolv Technologies Holdings is currently facing a securities class action lawsuit due to alleged material misstatements in their financial statements. The concern is focused on the period between August 19, 2022, and October 30, 2024. It was disclosed that the company’s financial statements for Q2 2022 to Q2 2024 contained inaccuracies that impacted revenue recognition.
As a consequence of this announcement, Evolv’s stock price experienced a significant drop of 40% to $2.47 on October 25. Following the termination of CEO Peter George on October 30, the stock price fell by an additional 8% to $2.15. It’s worth noting that the company took the initiative to report these issues themselves to the SEC’s Division of Enforcement.
For investors who may be affected by these developments, the deadline to participate in the class-action lawsuit is December 31, 2024. If you have any questions or need further information, please don’t hesitate to contact Lieff Cabraser, legal experts in securities class actions. Stay informed about your investments and make sure to take any necessary steps to protect your interests.
