LOS ANGELES, Nov. 15, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Evolv Technologies Holdings, Inc. ("Evolv" or the "Company") (NASDAQ: EVLV) investors of a class action representing investors that bought securities between August 19, 2022 and October 30, 2024, inclusive (the "Class Period"). Evolv investors have until December 31, 2024 to file a lead plaintiff motion.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
Evolv is a security technology firm that uses AI-based screening to help create safer environments. A legal complaint has been filed alleging that Evolv's financial statements for the periods between Q2 2022 and Q2 2024 contained significant errors regarding revenue recognition and other metrics tied to revenue.
On October 25, 2024, Evolv announced that its financial statements for the period from Q2 2022 to Q2 2024 should no longer be relied upon due to material misstatements affecting revenue recognition and other related metrics. The company disclosed that some sales, including those from one of its largest channel partners, involved terms and conditions not disclosed to its accounting team. Additionally, some employees were found to have engaged in misconduct related to these transactions. Evolv also reported that it had self-reported these issues to the SEC’s Division of Enforcement and would delay filing its third-quarter 2024 financial report. Following this announcement, Evolv's stock price dropped approximately 40%, from $4.10 per share on October 24, 2024, to $2.47 per share on October 25, 2024.
On October 31, 2024, Evolv announced the immediate termination of its CEO, Peter George. Michael Ellenbogen, Evolv's Chief Innovation Officer, was appointed interim CEO until a permanent successor is found. This news led to an additional 8% drop in the stock price, which fell from $2.34 per share on October 30, 2024, to $2.15 per share on October 31, 2024.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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