NEW YORK, April 16, 2024 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Evolv Technologies Holdings, Inc. f/k/a NewHold Investment Corp. (“Evolv” or the “Company”) (NASDAQ: EVLV).   Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

The class action concerns whether Evolv and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

You have until May 24, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Evolv securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.         

[Click here for information about joining the class action]

On November 2, 2022, before market hours, IPVM, which describes itself as the “world’s leading authority on physical security technology”, released a report entitled “BBC Exposes Evolv with IPVM Research,” which stated that “[a] BBC special 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.” That same day, BBC released an article entitled “Manchester Arena’s weapon scanning tech questioned,” which revealed documents shared with the BBC by IPVM suggest the Company may fail to detect certain types of knives, as well as some bombs and components.

On this news, the price of Evolv stock fell by $0.08, or 2.73% to close at $2.85 on November 2, 2022. The next day, Evolv’s stock price fell a further $0.16, or 5.6%, to close at $2.69.

Then, 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.”

On this news, the price of Evolv stock fell by $0.45, or 7.56%, to close at $5.50 on May 23, 2023.

Then, On October 12, 2023, before the market opened, Evolv filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) a Current Report on Form 8-K which stated that on October 12, 2023, the Company announced that the U.S. Federal Trade Commission had requested information about certain aspects of its marketing practices.

On this news, the price of Evolv stock fell $0.58 per share, or 13.33%, to close at $3.77 on October 12, 2023.

Then, on October 25, 2023, during market hours, IPVM released an article entitled “Why We Believe Evolv Express Is Not Actually Intelligent,” which stated, in part, that “[w]hile Evolv prominently markets ‘AI’ (Artificial Intelligence), we do not believe Evolv Express is actually intelligent because it struggles to differentiate small knives from cell phones and guns from laptops, capabilities that we believe are basic to being an ‘intelligent’ weapons detector.”

On this news, the price of Evolv stock fell $0.06, or 1.48%, to close at $3.99 on October 25, 2023.

Then, on February 20, 2024, before the market opened, Evolv filed with the SEC a current report on Form 8-K, attached to which was a press release entitled “Evolv Technology Provides Regulatory Update,” which stated, in pertinent part, that “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, the price of Evolv stock fell by $0.82 per share, or 15.67%, to close at $4.41 on February 20, 2024.

Finally, on March 13, 2024, the BBC released an article entitled “AI weapons scanner backtracks on UK testing claims,” which revealed that Evolv told BBC News it had altered its claims about UK testing to “better reflect the process taken.”

On this news, the price of Evolv stock fell by $0.13 per share, or 3.51%, to close at $3.57 on March 13, 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.   

Attorney advertising.  Prior results do not guarantee similar outcomes.    

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980