Evolv Technologies Hit By Class Action Lawsuit Over Financial Misstatements, CEO Exit
A recent securities class action lawsuit has been brought against Evolv Technologies Holdings (NASDAQ:EVLV). It alleges that there were material misstatements in financial statements made between August 19, 2022, and October 30, 2024. The company disclosed that certain sales transactions, including those with a major channel partner, had undisclosed extra-contractual terms. As a result of this announcement, Evolv’s stock price took a hit, dropping 40% from $4.10 to $2.47 on October 25, 2024. A week later, after the CEO’s termination, the stock fell an additional 8% to $2.15. It’s important to note that Evolv Technologies Holdings has taken steps to address these issues by self-reporting them to the SEC’s Enforcement Division.
Investors who may have been affected by these developments have until December 31, 2024, to join the class action lawsuit. If you believe you may be impacted by this situation, it’s essential to take action before the deadline. Stay informed and protect your investments.
