Evolv Technologies Holdings, Inc. Investors: December 31, 2024 Filing Deadline in Securities Class Action - Contact Lieff Cabraser
A securities class action lawsuit has been filed against Evolv Technologies Holdings (NASDAQ:EVLV) for alleged material misstatements in financial statements between August 19, 2022, and October 30, 2024. The company revealed that sales transactions, including those with a major channel partner, had undisclosed extra-contractual terms. On October 25, 2024, following this announcement, Evolv's stock dropped 40% from $4.10 to $2.47. A week later, after the CEO's termination, the stock fell another 8% to $2.15. The company has self-reported these issues to the SEC's Enforcement Division. The deadline for investors to join the class action is December 31, 2024.
È stata intentata una causa collettiva per titoli contro Evolv Technologies Holdings (NASDAQ:EVLV) per presunti dichiarazioni errate sostanziali nei bilanci tra il 19 agosto 2022 e il 30 ottobre 2024. L'azienda ha rivelato che le transazioni di vendita, comprese quelle con un importante partner commerciale, includevano termini extra-contrattuali non divulgati. Il 25 ottobre 2024, dopo questo annuncio, le azioni di Evolv sono scese del 40%, passando da $4,10 a $2,47. Una settimana dopo, dopo il licenziamento del CEO, le azioni sono scese ulteriormente dell'8% a $2,15. L'azienda ha riportato autonomamente questi problemi alla Divisione di Enforcement della SEC. La scadenza per gli investitori per unirsi alla causa collettiva è il 31 dicembre 2024.
Se ha presentado una demanda colectiva de valores contra Evolv Technologies Holdings (NASDAQ:EVLV) por supuestas declaraciones erróneas materiales en los estados financieros entre el 19 de agosto de 2022 y el 30 de octubre de 2024. La empresa reveló que las transacciones de ventas, incluidas aquellas con un importante socio comercial, tenían términos extracontractuales no divulgados. El 25 de octubre de 2024, tras este anuncio, las acciones de Evolv cayeron un 40% de $4.10 a $2.47. Una semana después, después de la destitución del CEO, las acciones cayeron otro 8% a $2.15. La empresa ha informado de estos problemas a la División de Cumplimiento de la SEC. La fecha límite para que los inversores se unan a la demanda colectiva es el 31 de diciembre de 2024.
이볼브 기술 홀딩스 (NASDAQ:EVLV)를 상대로 한 증권 집단 소송이 2022년 8월 19일부터 2024년 10월 30일 사이의 재무 제표에서의 중대한 허위 진술에 대해 제기되었습니다. 회사는 주요 채널 파트너와의 거래를 포함한 판매 거래가 비공식적인 조건들을 포함하고 있음을 밝혔습니다. 2024년 10월 25일, 이 발표 이후 이볼브의 주가는 40% 하락하여 $4.10에서 $2.47로 떨어졌습니다. 일주일 후, CEO의 해임 이후 주가는 다시 8% 하락하여 $2.15가 되었습니다. 회사는 이러한 문제를 SEC의 집행부서에 자진 신고했습니다. 집단 소송에 참여하기 위한 투자자들의 마감일은 2024년 12월 31일입니다.
Un recours collectif en valeurs mobilières a été déposé contre Evolv Technologies Holdings (NASDAQ:EVLV) pour des déclarations matérielles erronées présumées dans les états financiers entre le 19 août 2022 et le 30 octobre 2024. La société a révélé que les transactions de vente, y compris celles avec un partenaire de canal majeur, comportaient des conditions extracontractuelles non divulguées. Le 25 octobre 2024, suite à cette annonce, l'action d'Evolv a chuté de 40% passant de 4,10 $ à 2,47 $. Une semaine plus tard, après le licenciement du PDG, l'action a encore baissé de 8 % à 2,15 $. L'entreprise a signalé ces problèmes à la Division des Exécutions de la SEC. La date limite pour les investisseurs souhaitant rejoindre le recours collectif est le 31 décembre 2024.
Eine Sammelklage gegen Evolv Technologies Holdings (NASDAQ:EVLV) aufgrund angeblicher wesentlicher Falschaussagen in den Finanzberichten zwischen dem 19. August 2022 und dem 30. Oktober 2024 wurde eingereicht. Das Unternehmen gab bekannt, dass die Verkaufs transaktionen, einschließlich solcher mit einem wichtigen Vertriebspartner, nicht offengelegte extrak Vertragsklauseln enthielten. Am 25. Oktober 2024 fiel der Aktienkurs von Evolv um 40% von $4,10 auf $2,47 nach dieser Ankündigung. Eine Woche später, nach der Entlassung des CEOs, fiel die Aktie erneut um 8% auf $2,15. Das Unternehmen hat diese Probleme selbst an die Vollzugsabteilung der SEC gemeldet. Die Frist für Investoren, um der Sammelklage beizutreten, ist der 31. Dezember 2024.
- None.
- Material misstatements discovered in financial statements from Q2 2022 to Q2 2024
- Undisclosed extra-contractual terms with major channel partners
- Employee misconduct in sales transactions
- Additional material weaknesses in internal financial controls to be reported
- Delay in Q3 2024 quarterly report filing
- SEC investigation following self-reported issues
- CEO terminated amid financial reporting issues
- Stock price dropped 40% following initial disclosure
- Additional 8% stock decline 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, combined with the admission of misconduct by company personnel and extra-contractual terms with major channel partners, indicate serious internal control failures. The 40% stock price drop following these revelations and subsequent 8% decline after the CEO's termination reflect substantial market impact.
The self-reporting to the SEC's Enforcement Division and acknowledgment of material weaknesses in financial controls suggest potential regulatory consequences beyond the class action. The class period spanning over two years (August 2022 to October 2024) means extensive financial restatements may be necessary. Investors should note the critical December 31, 2024 deadline for lead plaintiff applications, particularly those who purchased securities during the class period and experienced losses.
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 and revenue figures. The involvement of "one of its largest channel partners" in questionable transactions suggests the revenue misstatements could be substantial. The rapid executive change, with the CEO's termination, indicates the board recognizes the gravity of the situation.
The market capitalization has been significantly impacted, with the stock losing nearly half its value in a matter of days. The delay in Q3 2024 reporting and pending restatements create uncertainty about the company's true financial position. This situation will likely impact Evolv's ability to raise capital and maintain business relationships in the near term.
SAN FRANCISCO, CA / ACCESSWIRE / November 26, 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
View the original press release on accesswire.com
FAQ
What caused Evolv Technologies (EVLV) stock to drop 40% on October 25, 2024?
When is the deadline for joining the Evolv Technologies (EVLV) class action lawsuit?
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Why was Evolv Technologies (EVLV) CEO Peter George terminated in October 2024?
