EVLV BREAKING NEWS: BFA Law Announces that it has Filed a Securities Fraud Class Action Lawsuit Against Evolv Technologies; Investors that Lost Money are Urged to Contact the Firm (NASDAQ:EVLV)

Core Viewpoint - A lawsuit has been filed against Evolv Technologies Holdings, Inc. and certain current and former executives, alleging material misstatements in financial statements related to revenue recognition from Q2 2022 to Q2 2024 [1][2][3]. Group 1: Lawsuit Details - The lawsuit is pending in the U.S. District Court for the District of Massachusetts, captioned Buchan v. Evolv Technologies Holdings, Inc., No. 1:24-cv-12768 [2]. - Investors have until December 31, 2024, to request to be appointed to lead the case [2]. - The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 [2]. Group 2: Financial Misstatements - Evolv's financial statements from Q2 2022 to Q2 2024 contained material misstatements regarding revenue recognition and other metrics [3]. - The company revealed that certain sales were subject to extracontractual terms not disclosed to accounting personnel, and misconduct was involved in these transactions [4]. Group 3: Stock Price Impact - Following the announcement of the financial misstatements, Evolv's stock price dropped approximately 40%, from $4.10 on October 24, 2024, to $2.47 on October 25, 2024 [4]. - After the termination of CEO Peter George on October 31, 2024, the stock price fell about 8%, from $2.34 on October 30, 2024, to $2.15 on October 31, 2024 [5]. Group 4: Company Background - Evolv Technologies is a security technology company that utilizes AI-based screening to enhance safety [3]. - The company has self-reported issues to the SEC and is delaying its upcoming quarterly report for Q3 2024 [4].