Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of Evolv Technologies Holdings, Inc. (EVLV) Investors - Seite 2

Then, on March 13, 2024, the BBC released an article stating that Evolv claimed that its AI weapons scanner had been tested by the UK Government's National Protective Security Authority (“NPSA”), however, the NPSA does not do that type of testing. Evolv then stated that an independent company had “tested and validated” its technology using NPSA standards. Following those claims, the independent company that did the testing told BBC News that it was “not correct to say [it] ‘validated’ the system”.

On this news, Evolv’s stock price fell $0.13, or 3.5%, to close at $3.57 per share on March 13, 2024, thereby injuring investors further.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Follow us for updates on LinkedIn, Twitter, or Facebook.

If you purchased or otherwise acquired Evolv securities during the Class Period, you may move the Court no later than May 24, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [e-mail], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240327531479/en/

The Evolv Technologies Holdings Registered (A) Stock at the time of publication of the news with a raise of +1,68 % to 3,63USD on Nasdaq stock exchange (27. März 2024, 22:20 Uhr).