Evolv Technologies Holdings, Inc. (NASDAQ: EVLV)

This lawsuit is for anyone who acquired securities in Evolv Technologies Holdings, Inc. (NASDAQ: EVLV) from June 28, 2021 through March 13, 2024.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by marketing its no-touch AI based weapons detection system in violation of the law, namely, by stating that the system could detect weapons without proof that the system worked.

On October 12, 2023, Evolv disclosed that the U.S. Federal Trade Commission requested information about “certain aspects” of the Company’s “marketing practices.” On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on February 19, 2024, Evolv disclosed that the U.S. Securities and Exchange Commission notified the Company that the SEC was initiating a “non-public, fact finding inquiry.” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume. Finally, on March 13, 2024, the BBC released an article entitled “AI weapons scanner backtracks on UK testing claims,” wherein the BBC stated that the Company, which had previously stated that the U.K Government’s testing had concluded that the Company’s system was effective, was now admitting that the U.K. Government did not test the system and that a third party, which the Company claimed tested the system according to U.K. standards, did not conclude that its tests found the system effective.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Evolv Technologies Holdings, Inc. (NASDAQ: EVLV) from June 28, 2021 through March 13, 2024 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.