SAN DIEGO, April 15, 2024 (GLOBE NEWSWIRE) -- DiCello Levitt LLP announces that purchasers or acquirers of Evolv Technologies Holdings, Inc. f/k/a NewHold Investment Corp. (“Evolv” or the “Company”) (NASDAQ: EVLV, EVLVW) securities between June 28, 2021 and March 13, 2024, inclusive (the “Class Period”), have until May 24, 2024 to seek appointment as lead plaintiff of the Evolv class action lawsuit. The Evolv lawsuit charges the Company and certain senior executive officers with violations of the federal securities laws.
If you purchased Evolv securities and suffered substantial losses, and you wish to serve as lead plaintiff in this lawsuit, you may submit your losses here: https://dicellolevitt.com/securities/evolv-technologies
You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Case Allegations: The Evolv lawsuit alleges that defendants made false and/or misleading statements and/or failed to disclose that: (i) Evolv materially overstated the efficacy of its products; (ii) 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; and (iii) Evolv deceived the general public, its customers, and its investors regarding the effectiveness of its products.
The Evolv lawsuit also alleges that on November 2, 2022, IPVM released a report entitled “BBC Exposes Evolv with IPVM Research” that described that a “BBC report based on 1,000+ pages of documents obtained by IPVM has exposed security screening manufacturer Evolv for deceptive marketing and colluding with NCS4, a public entity, to hide test results showing failures at weapons screening.” In addition, on the same day, BBC released an article entitled “Manchester Arena’s weapon scanning tech questioned.” The Evolv lawsuit alleges that on this news, the price of Evolv stock fell more than 8% over two trading sessions.
The Evolv lawsuit further alleges that on May 23, 2023, BBC News published an article entitled “AI scanner used in hundreds of US schools misses knives” which stated that “[a] security firm that sells AI weapons scanners to schools is facing fresh questions about its technology after a student was attacked with a knife that the $3.7 [million] system failed to detect.” According to the lawsuit, this news caused the price of Evolv stock fell almost 8%. And the lawsuit describes further declines in response to adverse news and publications on October 12, 2023, and October 25, 2023.
Then, on February 20, 2024, according to the Evolv lawsuit, the Company revealed that it had been notified by U.S. Securities and Exchange Commission that it was initiating an investigation described as a confidential “‘non-public, fact finding inquiry.’” On this news, the price of Evolv stock fell nearly 16%.
And finally, on March 13, 2024, as alleged in the Evolv lawsuit, the BBC released an article entitled “AI weapons scanner backtracks on UK testing claims” which described how “Evolv told BBC News it had altered its claims about UK testing to ‘better reflect the process taken.’” The lawsuit alleges that on this news, the price of Evolv stock again fell.
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Christine Schiffner: (703) 862-5202 or cschiffner@dicellolevitt.com
