NEW YORK, Oct. 31, 2024 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP ("Wolf Haldenstein"), a preeminent national shareholder rights litigation firm, announces that it is investigating potential securities claims on behalf of purchasers of Evolv Technologies Holdings, Inc. (NASDAQ: EVLV) (“Evolv” or the “Company”).
Evolv Technologies Holdings, Inc. operates as a holding company. The Company, through its
subsidiaries, develops AI-based touch-less screening technologies for weapons detection, identity verification, and health-related threats. Evolv serves customers worldwide.
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On October 25, 2024, before market hours, Evolv filed a Current Report on Form 8-K with the SEC announcing its “delay filing its Quarterly Report on Form 10-Q for the period ended September 30, 2024.” The reason behind the delay is due to “an internal investigation that is focused on the Company’s sales practices, including whether certain sales of products and subscriptions to channel partners and end users were subject to extra-contractual terms and
conditions that impacted revenue recognition and other metrics, and if so, when senior Company personnel became aware of these issues.” In addition, results of the investigation “determined that the accounting for certain sales transactions was inaccurate and that, among other things, revenue was prematurely or incorrectly recognized in connection with financial statements
prepared for the periods between the second quarter of 2022 and the second quarter of 2024.”
On this news, Evolv’s stock price fell $1.63 per share, or 40%, to close at $2.47 per share on October 25, 2024.
Wolf Haldenstein has experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas, and offices in New York, Chicago, Nashville and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly lauded by the courts, which have appointed it to major positions in complex securities, multi-district and consolidated litigation.
If you wish to discuss this investigation or have any questions regarding your rights and interests, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at classmember@whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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