Evolv Technologies Holdings, Inc. Investors: December 31, 2024 Filing Deadline in Securities Class Action – Contact Lieff Cabraser
Evolv Technologies Holdings faces a securities class action lawsuit regarding alleged material misstatements in financial statements between August 19, 2022, and October 30, 2024. The company revealed that financial statements from Q2 2022 to Q2 2024 contained material misstatements affecting revenue recognition. Evolv's stock price dropped 40% to $2.47 following the October 25 announcement, and fell another 8% to $2.15 after CEO Peter George's termination on October 30. The company self-reported these issues to the SEC's Division of Enforcement. The deadline for investors to join the class action is December 31, 2024.
Evolv Technologies Holdings è coinvolta in una causa legale collettiva per titoli riguardante presunti errori materiali nelle dichiarazioni finanziarie tra il 19 agosto 2022 e il 30 ottobre 2024. L'azienda ha rivelato che le dichiarazioni finanziarie dal secondo trimestre del 2022 al secondo trimestre del 2024 contenevano errori materiali che influenzavano il riconoscimento dei ricavi. Il prezzo delle azioni di Evolv è sceso del 40% a $2,47 dopo l'annuncio del 25 ottobre, e ulteriormente dell'8% a $2,15 dopo la cessazione del CEO Peter George il 30 ottobre. L'azienda ha autonomamente segnalato questi problemi alla Divisione Enforcement della SEC. La scadenza per gli investitori che vogliono unirsi alla causa collettiva è 31 dicembre 2024.
Evolv Technologies Holdings enfrenta una demanda colectiva de valores por supuestas declaraciones materiales erróneas en los estados financieros entre el 19 de agosto de 2022 y el 30 de octubre de 2024. La compañía reveló que los estados financieros del segundo trimestre de 2022 al segundo trimestre de 2024 contenían errores materiales que afectaban el reconocimiento de ingresos. El precio de las acciones de Evolv cayó un 40% a $2.47 tras el anuncio del 25 de octubre, y descendió otro 8% a $2.15 después de la terminación del CEO Peter George el 30 de octubre. La empresa reportó estos problemas a la División de Aplicación de la SEC. La fecha límite para que los inversores se unan a la demanda colectiva es 31 de diciembre de 2024.
이볼브 테크놀로지 홀딩스는 2022년 8월 19일부터 2024년 10월 30일 사이 재무제표에 대한 중대한 잘못된 진술로 인해 증권 집단 소송을 직면하고 있습니다. 이 회사는 2022년 2분기부터 2024년 2분기까지의 재무제표에 수익 인식에 영향을 미치는 중대한 잘못된 진술이 포함되어 있다고 밝혔습니다. 이볼브의 주가는 40% 하락하며 10월 25일 발표 이후 $2.47에 도달하였고, 10월 30일 CEO 피터 조지가 해임된 후 추가로 8% 하락하여 $2.15가 되었습니다. 이 회사는 이러한 문제를 SEC의 집행 부문에 자발적으로 보고했습니다. 투자자들이 집단 소송에 참여하기 위한 마감일은 2024년 12월 31일입니다.
Evolv Technologies Holdings fait face à une action en justice collective concernant des déclarations matérielles erronées dans les états financiers entre le 19 août 2022 et le 30 octobre 2024. La société a révélé que les états financiers du 2ème trimestre 2022 au 2ème trimestre 2024 contenaient des déclarations matérielles erronées affectant la reconnaissance des revenus. Le prix de l'action d'Evolv a chuté de 40% à 2,47 $ suite à l'annonce du 25 octobre, puis a encore baissé de 8 % à 2,15 $ après le licenciement du PDG Peter George le 30 octobre. L'entreprise a auto-rapporté ces problèmes à la Division d'application de la SEC. La date limite pour les investisseurs souhaitant rejoindre l'action collective est le 31 décembre 2024.
Evolv Technologies Holdings sieht sich einer Sammelklage wegen Wertpapiere gegenüber, die sich auf angebliche wesentliche Falschaussagen in den Finanzberichten zwischen dem 19. August 2022 und dem 30. Oktober 2024 beziehen. Das Unternehmen gab bekannt, dass die Finanzberichte vom 2. Quartal 2022 bis zum 2. Quartal 2024 wesentliche Falschaussagen enthalten, die die Umsatzrealisierung beeinflussen. Der Aktienkurs von Evolv fiel um 40% auf $2,47 nach der Ankündigung am 25. Oktober und sank um weitere 8% auf $2,15 nach der Entlassung von CEO Peter George am 30. Oktober. Das Unternehmen hat diese Probleme selbst der Enforcement-Division der SEC gemeldet. Die Frist für Investoren, die sich der Sammelklage anschließen möchten, ist der 31. Dezember 2024.
- None.
- Material misstatements in financial statements affecting revenue recognition from Q2 2022 to Q2 2024
- Discovery of unauthorized extra-contractual terms with major channel partners
- Employee misconduct in certain transactions
- Multiple material weaknesses in internal financial controls
- SEC enforcement investigation following self-reporting
- CEO Peter George terminated
- Stock price declined 40% following initial announcement
- Additional 8% stock drop after CEO termination
Insights
This securities class action lawsuit represents a significant development for Evolv investors. The allegations of material misstatements in financial reporting, particularly regarding revenue recognition, coupled with the admission of misconduct by company personnel and extra-contractual terms with major channel partners, indicate serious internal control deficiencies. The
The self-reporting to the SEC's Division of Enforcement and acknowledgment of material weaknesses in financial controls could lead to regulatory penalties beyond the class action damages. The class period spanning over two years (August 2022 - October 2024) means extensive financial restatements may be necessary. Investors should note the critical December 31, 2024 deadline for lead plaintiff applications, as this will determine who steers the litigation strategy.
The financial implications of this scandal are severe. The need to restate financial statements across multiple quarters raises questions about the reliability of Evolv's reported growth metrics and revenue figures. The involvement of "one of its largest channel partners" in questionable transactions suggests the revenue misstatements could be substantial. The immediate
The pending restatements and delayed Q3 2024 filing create uncertainty around Evolv's true financial position. With a market cap now below
SAN FRANCISCO, CA / ACCESSWIRE / November 25, 2024 / National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP encourages investors in Evolv Technologies Holdings, Inc. ("Evolv" or the "Company") (NASDAQ:EVLV) who suffered losses from purchasing or otherwise acquiring Evolv securities between August 19, 2022 and October 30, 2024, inclusive (the "Class Period"), to contact us immediately regarding a pending securities class action against Evolv. The deadline to apply to be lead plaintiff is December 31, 2024.
Class Period: August 19, 2022 - October 30, 2024
Lead Plaintiff Motion Deadline: December 31, 2024
Case information:lieffcabraser.com/securities/evolv
Contact us: Email or text investorinfo@lchb.com or call 1-800-541-7358
Evolv is a security technology company that utilizes AI-based screening designed to help create safer experiences. The Company's key market categories include education, healthcare, sports, and live entertainment.
The action alleges that during the Class Period, Evolv made material misstatements in its financial statements relating revenue recognition and other revenue-related metrics. The truth began to emerge on October 25, 2024, when Evolv announced that its financial statements issued between the second quarter of 2022 and the second quarter of 2024 should not be relied upon due to material misstatements impacting revenue recognition and other reported
metrics that are a function of revenue. The Company revealed that "certain sales, including sales to one of its largest channel partners, were subject to extra-contractual terms and conditions" that were not shared with Evolv's accounting personnel and that "certain Company personnel engaged in misconduct in connection with those transactions." In addition, Evolv announced plans to "report one or more additional material weaknesses in internal control over financial
reporting," and that the filing of its quarterly report for the third quarter of 2024 will be delayed. According to the Company, it has "self-reported these issues" to the SEC's Division of Enforcement. On this news, Evolv's common stock price fell
A week later, Evolv announced that the Company's long-time CEO Peter George had been terminated and temporarily replaced by the Company's Chief Innovation Officer. Following this news, Evolv's common stock price fell
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with over 125 attorneys in offices in San Francisco, New York, Nashville, and Munich, Germany, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Repeatedly recognized as a "Plaintiffs' Powerhouse" by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over
Source/Contact
Sharon Lee
Lieff Cabraser Heimann & Bernstein, LLP
415 956-1000
slee@lchb.com
SOURCE: Lieff Cabraser Heimann & Bernstein
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FAQ
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