Robbins LLP is Investigating the Allegations that Evolv Technologies Holdings, Inc. (EVLV) Overstated the Efficacy of its Products
Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Evolv Technologies Holdings, Inc. (NASDAQ: EVLV) securities between June 28, 2021 and March 13, 2024. Evolv describes itself as a “leader in Artificial Intelligence (“AI”)-based weapons detection for security screening.”
The Allegations
On or around July 19, 2021, Evolv went public through a SPAC merger with Newhold Investment Corp. Prior to the SPAC Merger, Newhold traded on the NASDAQ under the ticker symbol “NHIC”.
According to the complaint, during the class period, defendants failed to disclose that: (1) Evolv materially overstated the efficacy of its products; (2) the lack of effectiveness of Evolv’s products with regard to detecting knives and guns led to an increased risk of undetected weapons entering locations such as schools; and (3) Evolv deceived the general public, its customers, and its investors regarding the effectiveness of its products. When the truth came to light, Evolv’s stock price declined.
What Now: You may be eligible to participate in the class action against Evolv Technologies Holdings, Inc. Shareholders who want to serve as lead plaintiff for the class must file their papers with the court by May 24, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
