Philadelphia, Pennsylvania–(Newsfile Corp. – December 28, 2024) – Berger Montague PC advises investors that a securities class action lawsuit has been filed against Evolv Technologies Holdings, Inc. (“Evolv” or the “Company”) (NASDAQ: EVLV) on behalf of a purchaser Evolving securities between August 19, 2022 through October 30, 2024, inclusive (the “Class Period”)..
Investor Deadline: Investors who purchased or acquired EVOLV securities during the Class Period may, no later than December 31, 2024, request appointment as lead plaintiff representative for the Class. For additional information or to learn how to participate in this lawsuit, please contact Berger Montague: Andrew Abramowitz at [email protected] or (215) 875-3015, or Peter Hamner at [email protected]or Click here.
Headquartered in Waltham, Massachusetts, Evolv is a security technology company that uses AI-based scanning designed to help create safer experiences.
According to the lawsuit, throughout the Class Period, Evolv and its senior management failed to alert investors that the company’s financial statements contained material misstatements related to Evolv’s revenue recognition and other revenue-related metrics.
On October 25, 2024, Evolv announced that the company’s financial statements issued between the second quarter of 2022 and the second quarter of 2024 should not be relied upon due to material misstatements affecting revenue recognition. The company disclosed that some sales, including sales to one of its largest channel partners, were subject to additional contractual terms that were not shared with the company’s accounting staff and that some Evolv employees had engaged in misconduct. The company also announced that it has reported these issues to the Securities and Exchange Commission.
On this news, Evolv’s stock price fell approximately 40%, from a close of $4.10 per share on October 24, 2024, to a close of $2.47 per share on October 25, 2024.
On October 31, 2024, Evolv announced the termination of its CEO, Peter George, effective immediately. On this news, Evolv’s stock price fell approximately 8%, from a close of $2.34 per share on October 30, 2024, to a close of $2.15 per share on October 31, 2024.
Learn more about the lawsuit
A lead plaintiff is a representative party acting on behalf of all class members in directing the lawsuit. The lead plaintiff is usually the investor or a small group of investors who have the largest financial interest and who are also considered appropriate and typical of the proposed class of investors. The lead plaintiff selects an attorney to represent the lead plaintiff and the class and those attorneys, if approved by the court, are the lead attorneys or the class. However, your ability to participate in any recovery is not affected by the decision of whether or not to serve as lead plaintiff. Communication with any attorney is not necessary to participate or contribute to any recovery achieved in this case. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choosing, or they may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a leader in securities class action lawsuits since its founding in 1970. Berger Montague has represented individual and institutional investors for more than five years. contracts and serves as lead attorney in courts throughout the United States.
communication:
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/235384
https://i-invdn-com.investing.com/redesign/images/seo/investing_300X300.png
Source link