DEADLINE ALERT: Faruqi & Faruqi, LLP is investigating claims on behalf of Evolv investors

NEW YORK, May 10, 2024 /PRNewswire/ — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Evolv Technologies Holdings, Inc. f/k/a NewHold Investment Corp. (“Evolv” or the “Company”) (NASDAQ: EVLV) and reminds investors Deadline May 24, 2024 to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company.

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson encourages investors who have suffered losses of more than $75,000 in Evolv to contact him directly to discuss their options

If you suffered losses of more than $75,000 while investing in Evolv stock or options between June 28, 2021 and March 13, 2024 and would like to discuss your legal rights, Call Faruqi & Faruqi Partners Josh Wilson directly at 877-247-4292 or 212-983-9330 (ext. 1310). For more information you can also click here: www.faruqilaw.com/EVLV.

Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The company has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

As further discussed below, the complaint alleges that the Company and its officers violated federal securities laws by making false and/or misleading statements and/or by failing to disclose: (1) Evolv’s effectiveness of its products significantly overrated; (2) the lack of effectiveness of Evolv’s products in detecting knives and firearms resulted in an increased risk of undetected weapons entering places such as schools; (3) Evolv misled the general public, its customers and its investors regarding the effectiveness of its products; and (4) as a result, defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all times. When the true details came to light, the lawsuit says investors suffered harm.

The Evolv class action lawsuit also alleges that on November 2, 2022, IPVM published a report entitled “BBC exposes Evolv with IPVM research,” which stated: “A BBC report based on over 1,000 of IPVM Based on pages of documents obtained, “Evolv has exposed the manufacturer of security clearances.” Evolv for misleading marketing and colluding with NCS4, a public entity, to hide test results indicating errors in gun verification.” On the same day, the complaint also alleges that The BBC published an article entitled “Manchester Arena’s gun scanning technology questioned”. According to the complaint, Evolv’s stock price fell more than 8% in two trading sessions on this news.

The Evolv class action lawsuit further alleges that on May 23, 2023, BBC News published an article entitled “AI scanner used in hundreds of US schools misses knives” which stated: “( a) Security company that sells AI gun scanners to schools faces new questions about its technology after a student was attacked with a knife that the $3.7 million system couldn’t detect,” according to the complaint Evolv’s share price fell by almost 8% on this news.

Afterward, on October 12, 2023, Evolv disclosed that “the U.S. Federal Trade Commission had requested information about certain aspects of its marketing practices,” the complaint states. According to the complaint, Evolv’s stock price fell more than 13% on this news.

Subsequently, on October 25, 2023, IPVM published an article titled “Why We Think Evolv Express Isn’t Really Smart,” which stated that Evolv Express “has difficulty distinguishing small knives from cell phones and guns from laptops.” . Because of this news, Evolv’s stock price fell, the complaint says.

The Evolv class action lawsuit further alleges that on February 20, 2024, Evolv announced that “on Friday, February 16, 2024, the (U.S. Securities and Exchange Commission) notified Evolv that it was commencing an investigation, which is described as “Confidential – public inquiry to determine the facts.'” As a result of this news, Evolv’s stock price fell nearly 16%, according to the complaint.

Finally, on March 13, 2024, the complaint further alleges that the BBC published an article entitled “AI gun scanner retracts claims about UK testing” which stated: “Evolv told BBC News that it changed its claims about testing in the UK to “better reflect this”. Proceedings initiated.’” Because of this news, the price of Evolv stock fell, the complaint says.

The court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class, who is appropriate and typical of the class, and who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may request the Court to serve as lead plaintiff through counsel of their choice, or may elect to do nothing and remain an absent class member. Your ability to participate in any recovery will not be affected by the decision to serve as lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information about Evolv’s conduct to contact the company, including whistleblowers, former employees, shareholders and others.

To find out more about the Develop Class action lawsuit, go for it www.faruqilaw.com/EVLV or Call Faruqi & Faruqi Partners Josh Wilson directly at 877-247-4292 or 212-983-9330 (ext. 1310).

Lawyer advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar result with respect to future matters. We welcome the opportunity to discuss your individual case. All communications will be treated confidentially.

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