Evolv Technologies Holdings, Inc. (NASDAQ: EVLV) Investor Alert: Lawsuit seeks to Recover Investor Losses

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A lawsuit was filed in the U.S. District Court for the District of Massachusetts by an investor who bought shares of Evolv Technologies Holdings, Inc. (NASDAQ: EVLV) alleging that the company, also known as NewHold Investment Corp., violated federal securities laws by making false and misleading statements between June 28, 2021, and March 13, 2024.

You have specific options, and for some investors, there are tight deadlines, if you bought a sizable quantity of shares of Evolv Technologies Holdings, Inc. (NASDAQ: EVLV) between June 28, 2021 and March 13, 2024, and/or if you bought any shares of the company before June 2021 and you still own any of those shares. Priority date: May 24, 2024. NASDAQ: Investors in EVLV should get in touch with the Shareholders Foundation by phone at +1(858) 779-1554 or via email at [email protected].

Evolv Technologies Holdings, Inc., based in Waltham, Massachusetts, offers artificial intelligence (AI)-based weapons identification for security screening both domestically and abroad.

According to Evolv Technologies Holdings, Inc. (NASDAQ: EVLV), its yearly Net Loss climbed from $86.4 million in 2022 to $106.25 million in 2022, while its Total Revenue increased from $55.19 million in 2022 to $80.41 million in 2023.

On February 19, 2024, Evolv Technologies Holdings, Inc. revealed that the SEC was opening a fact-finding, confidential, non-public investigation of the business.

Evolv Technologies Holdings, Inc. announced on February 20, 2024, that Metix NDT Ltd., on Evolv’s behalf, had tested and verified Evolv Express against the Discriminative Metal Detection Standards of the NPSA, or the UK government’s National Protective Security Authority.

The BBC then released an article headlined AI weapons scanner Evolv backtracks on UK testing allegations on March 13, 2024. The NPSA does not do this kind of testing, according to the BBC, despite the fact that Evolv Technologies Holdings, Inc. claimed that the organization had tested its AI weapons scanner.Metix apparently told the BBC that it was inaccurate to state that we validated the system, in contrast to Evolv Technologies Holdings, Inc.’s assertion on February 20, 2024, that Metix tested and validated Evolv Express.

On August 15, 2023, the share price of Evolv Technologies Holdings, Inc. (NASDAQ: EVLV) was $8.05; however, on March 19, 2024, the share price had dropped to $3.34.In the complaint, the plaintiff claims that the defendants broke federal securities laws when they sold common shares of Evolv Technologies Holdings, Inc. (NASDAQ: EVLV) between June 28, 2021, and March 13, 2024. The plaintiff specifically alleges that between June 28, 2021 and March 13, 2024, the defendants made statements that were materially false and/or misleading and/or failed to disclose that Evolv had materially overstated the effectiveness of its products, that the company’s inability to detect guns and knives with its products increased the risk of undetected weapons entering places like schools, that Evolv had misled the public, its customers, and its investors about the effectiveness of its products, and that as a result, the defendants’ statements about the company’s business, operations, and prospects were materially false and/or lacked a reasonable basis at all times.

Shareholders Foundation should be contacted by those who bought shares of Evolv Technologies Holdings, Inc. (NASDAQ: EVLV) since they have specific options.

Get in touch with Investors Foundation, Inc.Michael Daniels: +1-(858)-779-1554; 3111 Camino Del Rio North, Suite 42392108, San Diego(858)[email protected] is the fax number.

About The Shareholders Foundation, Inc.: We are a professional portfolio monitoring and settlement claim filing service that keeps investors informed about securities class actions, settlements, judgments, and other legal news pertaining to the stock and financial markets. We also conduct research on shareholder issues. With a vast network of contacts, Shareholders Foundation, Inc. provides support, guidance, and aid to each and every shareholder. It is not a law firm, The Shareholders Foundation, Inc. The Shareholders Foundation is not involved in the filed, reached, or settled cases, investigations, or settlements mentioned. The public is offered this information as a service. It should not be relied upon and is not meant to be legal advice.

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