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NEW YORK, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP (“Wolf Haldenstein”) announces that a federal securities class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of persons and entities that purchased or otherwise acquired Evolv Technologies Holdings, Inc. (NASDAQ: EVLV) (“Evolv” or the “Company”) between August 19, 2022, and October 30, 2024.
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All investors who purchased shares and incurred losses are advised to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses, you may, no later than December 31, 2024, request that the Court appoint you as the lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.
The filed complaint alleges that Evolv's financial statements for the period from the second quarter of 2022 and the second quarter of 2024 contained material misrepresentations and omissions related to the company's revenue recognition and other financial metrics.
On October 25, 2024, Evolv issued a press release stating that there were material weaknesses in its internal controls over financial reporting, and further disclosed that certain sales, specifically to a major channel partner, were subject to undisclosed terms and conditions. The company also revealed that certain employees engaged in financial misconduct.
Following this announcement, Evolv's stock price plummeted approximately 40%, closing at $2.70 per share.
Subsequently, on October 31, 2024, Evolv announced the termination of its Chief Executive Office, Peter George. The company's stock price declined further, falling approximately 8% to close at $2.16 per share.
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 recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, 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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