Investors Are Encouraged to Stay Updated on the Litigation Progress
Glancy Prongay & Murray LLP (“GPM”) has taken the reins as Lead Counsel in the securities class action against Evolv Technologies Holdings, Inc. (“Evolv” or the “Company”) EVLV and certain executive officers of the Company. The case is currently in the United States District Court for the District of Massachusetts.
Investors who bought Evolv common stock should reach out to discuss the case status and litigation claims with GPM’s Charles H. Linehan, Esq. Contact at 310-201-9150, Toll-Free 888-773-9224, or via email at shareholders@glancylaw.com.
On November 2, 2022, IPVM exposed Evolv’s dubious marketing practices in cahoots with NCS4, a public entity, to conceal test failures at weapons screening. Subsequently, BBC unveiled the tampering of a previous NCS4 report by Evolv employees. The stock plummeted by $0.08 (2.7%).
On October 12, 2023, Evolv’s troubles escalated when the U.S. Federal Trade Commission sought information about its marketing strategies. The aftermath saw the stock drop $0.58 (13.3%) to close at $3.77 per share.
February 20, 2024, marked another blow for Evolv as the SEC opened a “non-public, fact-finding inquiry.” The stock tumbled $0.82 (15.7%) ending at $4.41 per share.
Then on March 13, 2024, a third-party company disavowed Evolv’s claims of technology validation, leading to a $0.13 (3.5%) dip in the stock price.
The final nail in the coffin came on October 25, 2024, as Evolv announced financial restatements due to improper revenue recognition practices. This revelation, following an investigation into its sales practices, led to a catastrophic 40% drop, closing at $2.47 per share.
For timely updates, follow us on LinkedIn, Twitter, or Facebook.
This communication may be considered as Attorney Advertising in specific jurisdictions under relevant laws and ethical guidelines.