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) covering investors who purchased shares between August 19, 2022, and October 30, 2024. The lawsuit alleges material misstatements in financial reporting. On October 25, 2024, Evolv announced that financial statements from Q2 2022 to Q2 2024 should not be relied upon due to revenue recognition issues and misconduct by company personnel. The stock dropped 40% on this news. A week later, CEO Peter George was terminated, causing another 8% stock decline. The lead plaintiff deadline is December 31, 2024.
È stata intentata una causa collettiva contro Evolv Technologies Holdings (NASDAQ:EVLV) che riguarda gli investitori che hanno acquistato azioni tra il 19 agosto 2022 e il 30 ottobre 2024. La causa sostiene che ci siano state dichiarazioni ingannevoli nella rendicontazione finanziaria. Il 25 ottobre 2024, Evolv ha annunciato che i bilanci dal secondo trimestre del 2022 al secondo trimestre del 2024 non dovrebbero essere considerati affidabili a causa di problemi di riconoscimento dei ricavi e di cattiva condotta da parte del personale aziendale. Le azioni sono scese del 40% dopo questa notizia. Una settimana dopo, il CEO Peter George è stato licenziato, causando un ulteriore calo dell'8% del titolo. La scadenza per la nomina del principale attore è il 31 dicembre 2024.
Se ha presentado una demanda colectiva contra Evolv Technologies Holdings (NASDAQ:EVLV) que abarca a los inversores que compraron acciones entre el 19 de agosto de 2022 y el 30 de octubre de 2024. La demanda alega declaraciones materiales incorrectas en los informes financieros. El 25 de octubre de 2024, Evolv anunció que los estados financieros desde el segundo trimestre de 2022 hasta el segundo trimestre de 2024 no deberían ser considerados confiables debido a problemas de reconocimiento de ingresos y mala conducta del personal de la empresa. Las acciones cayeron un 40% con esta noticia. Una semana después, el CEO Peter George fue despedido, lo que provocó otra caída del 8% en las acciones. La fecha límite para el demandante principal es el 31 de diciembre de 2024.
이볼브 테크놀로지 홀딩스 (NASDAQ:EVLV)를 상대로 집단소송이 제기되었습니다. 이 소송은 2022년 8월 19일부터 2024년 10월 30일 사이에 주식을 구매한 투자자들을 대상으로 하며, 재무 보고서에서의 중대한 허위 진술을 주장합니다. 2024년 10월 25일, 이볼브는 2022년 2분기부터 2024년 2분기까지의 재무제표가 수익 인식 문제와 회사 직원의 비행 행위로 인해 신뢰할 수 없다고 발표했습니다. 이 소식으로 주가는 40% 하락했습니다. 일주일 후 CEO인 피터 조지가 해임되었고, 이로 인해 주가는 추가로 8% 하락했습니다. 주된 원고의 마감일은 2024년 12월 31일입니다.
Une action en justice collective a été déposée contre Evolv Technologies Holdings (NASDAQ:EVLV) concernant les investisseurs ayant acheté des actions entre le 19 août 2022 et le 30 octobre 2024. La plainte allègue des déclarations matérielles incorrectes dans le reporting financier. Le 25 octobre 2024, Evolv a annoncé que les états financiers du deuxième trimestre 2022 au deuxième trimestre 2024 ne devraient pas être considérés comme fiables en raison de problèmes de reconnaissance des revenus et de comportements répréhensibles de la part du personnel de l'entreprise. L'action a chuté de 40% après cette annonce. Une semaine plus tard, le PDG Peter George a été licencié, entraînant une nouvelle baisse de 8% de l'action. La date limite pour désigner le plaignant principal est le 31 décembre 2024.
Eine Sammelklage wurde gegen Evolv Technologies Holdings (NASDAQ:EVLV) eingereicht, die Investoren betrifft, die zwischen dem 19. August 2022 und dem 30. Oktober 2024 Aktien gekauft haben. Die Klage behauptet, dass es materielle Fehlangaben in den Finanzberichten gab. Am 25. Oktober 2024 gab Evolv bekannt, dass die Finanzberichte von Q2 2022 bis Q2 2024 aufgrund von Problemen bei der Umsatzrealisierung und Fehlverhalten von Unternehmensmitarbeitern nicht zuverlässig sind. Der Aktienkurs fiel nach dieser Nachricht um 40%. Eine Woche später wurde der CEO Peter George entlassen, was zu einem weiteren Rückgang des Aktienkurses um 8% führte. Die Frist für den Hauptkläger endet am 31. Dezember 2024.
- None.
- Financial statements from Q2 2022 to Q2 2024 deemed unreliable due to material misstatements
- Discovery of misconduct by company personnel related to sales transactions
- Material weaknesses in internal control over financial reporting
- SEC's Division of Enforcement involvement through self-reported issues
- CEO Peter George terminated amid financial reporting issues
- Stock price declined 40% following financial misstatement 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, constitute serious violations of securities laws. The 40% stock price drop following these revelations and subsequent 8% decline after the CEO's termination reflect substantial shareholder losses.
The case highlights multiple red flags: undisclosed extra-contractual terms, personnel misconduct, material weaknesses in internal controls and delayed SEC filings. The self-reporting to the SEC's Enforcement Division suggests potential regulatory consequences beyond the class action. The class period spanning from August 2022 to October 2024 indicates a prolonged period of potentially misleading statements, affecting a broad range of investors.
The financial implications of this scandal are far-reaching. The need to restate financial statements from Q2 2022 through Q2 2024 indicates systemic issues in revenue recognition practices. The involvement of "one of its largest channel partners" suggests the misstatements could be material to overall financial results. The sudden CEO departure, combined with material weaknesses in financial controls, points to deeper operational and governance issues that could take significant time and resources to resolve.
Investors should be particularly concerned about potential regulatory fines, legal settlement costs and the expense of implementing new internal controls. The company's market credibility has been severely damaged, which could impact future business relationships and capital raising abilities.
SAN FRANCISCO, CA / ACCESSWIRE / December 2, 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 textinvestorinfo@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, LLP
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FAQ
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