NEW YORK, NY - 
(NewMediaWire) - May 10, 2024 - Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) reminds investors that a complaint has been filed on behalf of purchasers or acquirers of Evolv Technologies Holdings, Inc. f/k/a NewHold Investment Corp. (“Evolv” or the “Company”) (NASDAQ: EVLV) securities between June 28, 2021 and March 13, 2024 (the “Class Period”). Click Here to Join Investigation.
Deadline Reminder: If you are a member of the proposed Class, you may move the court no later than May 24, 2024 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
According to the complaint, on November 2, 2022, IPVM, allegedly “the world’s leading authority on physical security technology,” released a report entitled "BBC Exposes Evolv with IPVM Research" which stated that: "A BBC 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." On the same day, the complaint further alleges that BBC released an article entitled "Manchester Arena's weapon scanning tech questioned." Following this news, the price of Evolv stock fell more than 8% over two trading sessions on November 2 and November 3, 2022.
Then, on May 23, 2023, according to the complaint, 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." Following this news, the price of Evolv stock fell 7.56% on March 23, 2023.
Then, on October 12, 2023, according to the complaint, Evolv disclosed that "the U.S. Federal Trade Commission had requested information about certain aspects of its marketing practices. . . .” Following this news, the price of Evolv stock fell 13.33% on October 12, 2023.
Subsequently, on October 25, 2023, the complaint alleges that 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, capabilities that we believe are basic to being an ‘intelligent’ weapons detector." Following this news, the price of Evolv stock fell about 1.5% on October 25, 2023.
Then, on February 20, 2024, according to the complaint, Evolv revealed that "on Friday, February 16, 2024 the [U.S. Securities and Exchange Commission] notified the company it was initiating an investigation that was described as a confidential 'non-public, fact finding inquiry.'" Following this news, the price of Evolv stock fell about 15.7% on February 20, 2024.
Finally, on March 13, 2024, the BBC released an article entitled "AI weapons scanner Evolve 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.'" Following this news, the price of Evolv stock fell about 3.5% on March 13, 2024.
WHY CONTACT KAPLAN FOX - Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. With over 50 years of experience in securities litigation, Kaplan Fox offers the professional experience and track record that clients demand. Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
