Evolv Technologies Hit By Class Action Lawsuit Over Financial Misstatements, CEO Exit
Hey there! If you’ve invested in Evolv Technologies Holdings (NASDAQ: EVLV), you might want to pay attention to this. A securities class action lawsuit has been filed against the company for allegedly making misleading statements in its financial records between August 19, 2022, and October 30, 2024.
The crux of the issue is that Evolv revealed that some of its sales transactions, particularly with a major channel partner, had extra-contractual terms that weren’t disclosed. As a result, on October 25, 2024, Evolv’s stock took a hit, dropping 40% from $4.10 to $2.47. Just a week later, when the CEO was terminated, the stock fell even further, by 8% to $2.15.
To address these concerns, the company has voluntarily disclosed these matters to the SEC’s Enforcement Division. For investors who might have a stake in Evolv and wish to take action, the deadline to join the class action lawsuit is fast approaching on December 31, 2024.
If you have any questions or concerns about how this might impact you as an investor, feel free to reach out to Lieff Cabraser. It’s always a good idea to stay informed and know your options in situations like this.
