Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Evolv Technologies

Faruqi & Faruqi, LLP, a prominent national securities law firm, is currently looking into potential claims for investors of Evolv Technologies Holdings, Inc. (NASDAQ: EVLV). The firm is reaching out to investors who experienced losses exceeding $75,000 from Evolv between August 19, 2022, and October 30, 2024.

The firm's Securities Litigation Partner, James (Josh) Wilson, encourages affected investors to contact him for a direct discussion about their legal options. Interested parties can reach him at 877-247-4292 or 212-983-9330 (Ext. 1310).

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As of December 3, 2024, a significant deadline has been established. The December 31, 2024 date marks the cutoff for individuals wishing to apply as lead plaintiffs in a federal securities class action lawsuit that has been filed against Evolv.

Faruqi & Faruqi is well-known for its efforts in securities litigation, with multiple offices across New York, Pennsylvania, California, and Georgia. The firm boasts a successful track record, having secured hundreds of millions of dollars for investors since it was founded in 1995. Interested individuals can visit www.faruqilaw.com for more details.

The allegations in the complaint suggest that Evolv and its executives breached federal securities laws by issuing false or misleading statements and failing to reveal that their financial records from the second quarter of 2022 to the second quarter of 2024 contained serious errors. These errors pertained to revenue recognition and other financial metrics directly tied to the company’s income.

On October 25, 2024, Evolv disclosed that its financial statements from the second quarter of 2022 through the second quarter of 2024 were no longer reliable due to these significant misstatements. This announcement indicated that certain sales had been affected by undisclosed terms and conditions that were not communicated with the company’s accounting team. Additionally, it was revealed that some staff members were involved in misconduct regarding these transactions. Following this, the company informed the Securities and Exchange Commission (SEC) of these issues and postponed its upcoming quarterly filing for the third quarter of 2024.

As a result of this announcement, Evolv's stock price plummeted approximately 40%, dropping from $4.10 per share on October 24, 2024, to $2.47 per share by October 25, 2024.

Further compounding these issues, on October 31, 2024, Evolv revealed the immediate termination of CEO Peter George. Michael Ellenbogen, the Chief Innovation Officer, has stepped in as interim CEO while the company searches for a successor.

This news led to an additional decline in Evolv’s stock price, which fell about 8% from $2.34 per share on October 30, 2024, to $2.15 per share on October 31, 2024.

In class action lawsuits, a lead plaintiff is chosen by the court and represents the interests of all members of the class. This individual typically holds the largest interest in the outcome of the case. Any class member can apply to be the lead plaintiff through legal counsel or may choose to remain inactive and still benefit from any recovery.

Faruqi & Faruqi also invites anyone with valuable information about Evolv's activity to reach out, including former employees, shareholders, or whistleblowers.

For further details about the class action concerning Evolv Technologies, you can visit www.faruqilaw.com/EVLV or contact Josh Wilson directly at the provided numbers.

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Attorney Advertising: The law firm responsible for this message is Faruqi & Faruqi, LLP. Past outcomes do not guarantee similar future results. All communications are confidential.

Evolv, Investors, Securities