SAN FRANCISCO, Feb. 02, 2023 (GLOBE NEWSWIRE) -- Hagens Berman is investigating possible misrepresentations concerning Evolv Technologies Holdings, Inc. (NASDAQ: EVLV) technology claims and urges investors who purchased American Depositary Shares and suffered losses to submit your losses now.

Evolv Technologies Holdings, Inc. (EVLV) Investigation:

The investigation focuses on Evolv’s claims regarding the effectiveness of its AI-based weapons detection technology for security screening. Evolv has claimed that unlike conventional walk-through metal detectors, “our products use advanced sensors, artificial intelligence software and cloud services to reliably detect guns, improvised explosives, and large knives[.]” On Nov. 2, 2022, BBC News reported that “documents shared with BBC News by research firm IPVM suggests 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.” According to the BBC, Evolv did not dispute the private report’s conclusions.

“We’re focused on investors’ losses and whether Evolv may have put sales over safety and misled investors about the reliability of its technology,” said Reed Kathrein, the Hagens Berman partner leading the investigation. “At this time when schools and sports arenas are desperately looking for solutions to the weapons problem, it is not appropriate to place hype and profits above the well-being of students, teachers and spectators.”

If you invested in Evolv Technologies and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.

Whistleblowers: Persons with non-public information regarding Evolv Technologies should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].

About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw. 

Contact:
Reed Kathrein, 844-916-0895