NEW YORK, March 11, 2024 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Evolv Technologies Holdings, Inc. (“Evolv” or the “Company”) (NASDAQ: EVLV). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Evolv and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On November 2, 2022, BBC News reported that, despite Evolv’s claims that its AI-based weapons-detection technology “reliably detect[ed] guns, improvised explosives, and large knives,” “documents shared with BBC News by research firm IPVM suggests that they may fail to detect certain types of knives, as well as some bombs and components.” BBC further reported that, according to a private report obtained by IPVM, Evolv’s ability to detect large knives scored just 1.3 out of 3 and “in 24 walkthroughs, Evolv Express failed to detect large knives 42% of the time.”
On this news, Evolv’s stock price fell $0.24 per share, of 8.19%, over the following two trading sessions, to close at $2.69 per share on November 3, 2022.
Then, on February 19, 2024, Evolv issued a press release “[p]roviding an update on a request received from the U.S. Securities and Exchange Commission (SEC). Specifically, on Friday, February 16, 2024 the SEC notified the Company it was initiating an investigation that was described as a confidential ‘non-public, fact finding inquiry.'”
On this news, Evolv’s stock price fell $0.82 per share, or 15.68%, to close at $4.41 per share on February 20, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980
SOURCE Pomerantz LLP
