EVLV CLASS ACTION: BFA Law Sued Evolv Technologies for Securities Fraud after Stock Plummeted 40% - Contact the Firm if You Suffered Losses (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 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 are alleged to contain material misstatements regarding revenue recognition and other metrics [3]. - On October 25, 2024, Evolv announced that its financial statements should not be relied upon due to these misstatements, which included undisclosed extracontractual terms affecting sales [4]. - The company self-reported these issues to the SEC and delayed its Q3 2024 quarterly report [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: Legal Representation - Bleichmar Fonti & Auld LLP is representing plaintiffs in this case, operating on a contingency fee basis, meaning no upfront costs for shareholders [6]. - The firm has a strong track record, having recovered over $900 million from Tesla's Board of Directors and $420 million from Teva Pharmaceutical Industries [8].