Evolv Technologies Holdings, Inc. (EVLV) Securities Class Action

The complaint alleges that Evolv’s financial statements for the period between 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 acknowledging material weaknesses in its internal controls over financial reporting and disclosing that certain sales, particularly to a major channel partner, were subject to undisclosed terms and conditions. The company also revealed that certain employees engaged in misconduct related to these transactions. Following this announcement, Evolv’s stock price plummeted approximately 40%.

Then, on October 31, 2024, Evolv announced the termination of its CEO, Peter George. The company’s stock price declined further, falling approximately 8% on the news.

The lawsuit alleges that Evolv and its executives misled investors by failing to disclose material information about the company’s financial performance and internal controls. Investors who suffered losses during the class period may be eligible to recover their damages.

FREQUENTLY ASKED QUESTIONS ABOUT THE CASE

What is the EVLV investigation about?

We are deeply concerned by the recent revelations regarding Evolv Technologies' financial reporting and sales practices. Our investigation will rigorously examine the company's internal controls, revenue recognition methods, and the role of senior management in this alleged misconduct.

WHAT SHOULD I DO?

I worked at EVLV. What should I do?

If you were an employee of EVLV, you may have valuable information that could be relevant to the investigation. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, contact Reed Kathrein at 844-916-0895 or [email protected].

There are multiple law firms participating, do I need to contact all of them?

No, you do not need to contact all participating law firms. Generally, class-action investigations and lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions.

AM I ELIGIBLE?

What is the threshold amount to be eligible? What are “substantial” losses?

The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.

CAN I PARTICIPATE?

Am I affected? What do I need to do to participate?

If you were an investor in EVLV, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.

Can any EVLV investor participate?

In most class-action investigations and cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.

I bought on a non-U.S. Exchange. Can I participate?

No. This investigation only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.

Am I included if I still hold my shares, or do I need to sell to participate?

Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.