A securities class action has been filed in the USDC – MA. against Evolv Technologies Holdings, Inc. f/k/a Newhold Investment Corp. (EVLV; EVLVW) (“Evolv” or the “Company”) on behalf of all persons and entities who purchased or otherwise acquired Evolv securities publicly traded on the NASDAQ between June 28, 2021 and March 13, 2024 both dates inclusive (the “Class Period”).
Defendant Evolv describes itself as a “leader in Artificial Intelligence (“AI”)- based weapons detection for security screening. Our mission is to make the world a safer and more enjoyable place to live, work, learn, and play. We are democratizing security by making it seamless for facility operators to address the chronic epidemic of escalating gun violence, mass shootings and terrorist attacks in a cost-effective manner while improving the visitor experience.”
The complaint alleges, Defendants made false and/or misleading statements and/or failed to disclose that:
(1) Evolv materially overstated the efficacy of its products;
(2) the lack of effectiveness of Evolv’s products with regard to detecting knives and guns led to an increased risk of undetected weapons entering locations such as schools;
(3) Evolv deceived the general public, its customers, and its investors regarding the effectiveness of its products; and
(4) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times, thereby harming investors.
If you purchased Evolv securities during the Class Period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.