NEW YORK, March 26, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of all persons or entities who purchased or otherwise acquired Evolv Technologies Holdings, Inc. f/k/a NewHold Investment Corp. (“Evolv” or the “Company”) (NASDAQ: EVLV; EVLVW) securities between June 28, 2021 and March 13, 2024, inclusive (the “Class Period”). The lawsuit seeks to recover damages for the Company’s investors under the federal securities laws.
The Complaint in the lawsuit alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges that the Defendants failed to disclose to investors 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; (3) Evolv deceived 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 relevant times.
The Complaint further alleges that On November 2, 2022, before market hours, IPVM, which describes itself as the “world’s leading authority on physical security technology”, released a report entitled “BBC Exposes Evolv with IPVM Research.” (the “IPVM Report”). According to the Complaint, the IPVM Report stated that “A BBC special report based on 1,000+ pages of documents obtained by IPVM has exposed security screening manufacturer Evolv for deceptive marketing and colluding with NCS4, a public entity, to hide test results showing failures at weapons screening.”
The Complaint further alleges, that on this news, the price of Evolv stock fell by $0.08, or 2.73% to close at $2.85 on November 2, 2022. The next day, it fell a further $0.16, or 5.6%, to close at $2.69.
Investors who purchased or otherwise acquired shares of Evolv should contact the Firm prior to the May 24, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
