EVLV INVESTOR ALERT

Robbins Geller Rudman & Dowd LLP Announces that Evolv Technologies Holdings, Inc. f/k/a NewHold Investment Corp. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit - Seite 2

Then, 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 that “[a] security firm that sells AI weapons scanners to schools is facing fresh questions about its technology after a student was attacked with a knife that the $3.7 [million] system failed to detect.” On this news, the price of Evolv stock fell nearly 8%, according to the complaint.

Thereafter, 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 alleges. On this news, the price of Evolv stock fell more than 13%, according to the complaint.

Subsequently, on October 25, 2023, IPVM released an article entitled “Why We Believe Evolv Express Is Not Actually Intelligent” which stated that Evolv Express “struggles to differentiate small knives from cell phones and guns from laptops.” On this news, the price of Evolv stock fell, according to the complaint.

The Evolv class action lawsuit further alleges that on February 20, 2024, Evolv revealed that “on Friday, February 16, 2024 the [U.S. Securities and Exchange Commission] notified [Evolv] it was initiating an investigation that was described as a confidential ‘non-public, fact finding inquiry.’” On this news, the price of Evolv stock fell nearly 16%, according to the complaint.

Finally, on March 13, 2024, the complaint further alleges that the BBC released an article entitled “AI weapons scanner backtracks on UK testing claims” which stated that “Evolv told BBC News it had altered its claims about UK testing to ‘better reflect the process taken.’” On this news, the price of Evolv stock fell, according to the complaint.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Evolv publicly traded securities during the Class Period to seek appointment as lead plaintiff in the Evolv class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Evolv class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Evolv class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Evolv class action lawsuit. Please visit here for more information.