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EVLV.US
id: 1169

Evolv Technologies (EVLV) Product Effectiveness Case

D. Massachusetts
Court
1:24-cv-10761
Case number
28 Jun 2021
Class period Start
13 Mar 2024
Class period End
25 May 2024
Lead Plaintiff motion deadline
  • $EVLV stockholder filed a claim vs. Evolv for overstating the efficacy of its products, which led to a higher risk of undetected weapons.
  • On February 20, 2024, news about the SEC investigation caused $EVLV to fall 15%, losing $124M+ in shareholder value.
On November 2, 2022, IPVM released a report titled "BBC Exposes Evolv with IPVM Research," revealing deceptive marketing practices and collusion with NCS4 to conceal test failures at weapons screening.

Following BBC's article questioning Manchester Arena's weapon scanning technology, $EVLV dropped by over 8% on the same day.

On May 23, 2023, BBC News reported that a student was attacked with a knife undetected by a scanner. As a result, $EVLV dropped nearly 8%.

On October 12, 2023, Evolv disclosed FTC inquiries about its marketing. $EVLV plummeted over 13% on this news.

After that, IPVM published an article questioning Evolv Express's effectiveness, citing its difficulty in distinguishing objects.

On February 20, 2024, Evolv disclosed a SEC investigation. As a result, $EVLV dropped by almost 16%.

On March 13, 2024, BBC published an article titled “AI weapons scanner backtracks on UK testing claims,” revealing that Evolv altered its claims about UK testing.

Based on these events, $EVLV stockholder filed a claim against Evolv and its leaders, accusing them of the following:
  • Evolv's products were ineffective in detecting knives and guns, posing a risk of undetected weapons in places like schools.
  • Evolv misled the public, customers, and investors about the effectiveness of its products.
Considering all the representations, investors have reasons to suspect that Evolv overstated the efficacy of its products, which led to a higher risk of undetected weapons.
Case Status
Lead Plaintiff Appointed
Alleged Offence
Mismanagement
Misleading Statements
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
20 February 2024
Filing date
25 March 2024
Lead Plaintiff Deadline
25 May 2024
Collecting participants…

Evolv Technologies Holdings Inc

Evolv Technologies Holdings, Inc. provides artificial intelligence (AI)-based weapons detection for security screening in the United States and internationally. Its products include Evolv Express, ...

    Ticker
    EVLV.US
    ISIN
    US30049H1023
    CIK
    1805385
    Sector
    Industrials
    Industry
    Security & Protection Services
    Country
    USA
    Address
    500 Totten Pond Road, Waltham, MA, United States, 02451