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Evolv Technologies Holdings, Inc. f/k/a NewHold Investment Corp. Class Action Lawsuit - EVLV

40 days left to seek lead plaintiff status

Case Summary

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The Evolv class action lawsuit seeks to represent purchasers or acquirers of Evolv Technologies Holdings, Inc. f/k/a NewHold Investment Corp. (NASDAQ: EVLV; EVLVW) publicly traded securities between June 28, 2021 and March 13, 2024, inclusive (the “Class Period”).  Captioned Raby v. Evolv Technologies Holdings, Inc. f/k/a NewHold Investment Corp., No. 24-cv-10761 (D. Mass.), the Evolv class action lawsuit charges Evolv and certain of Evolv’s top current and former executives with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Evolv class action lawsuit, please provide your information in the form on this page.  You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com.  Lead plaintiff motions for the Evolv class action lawsuit must be filed with the court no later than May 24, 2024.

CASE ALLEGATIONS: Evolv describes itself as a “leader in Artificial Intelligence (‘AI’)-based weapons detection for security screening.”  According to the complaint, Evolv went public through a July 19, 2021 special purpose acquisition corporation (SPAC or blank-check company) merger with NewHold Investment Corp.

The Evolv class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Evolv materially overstated the efficacy of its products; (ii) 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; and (iii) Evolv deceived the general public, its customers, and its investors regarding the effectiveness of its products.

The Evolv class action lawsuit further alleges that on November 2, 2022, IPVM 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.”  On this news, the price of Evolv stock fell more than 8% over two trading sessions, according to the complaint.

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. 

Robbins Geller has launched a dedicated SPAC Task Force to protect investors in blank check companies and seek redress for corporate malfeasance.  Comprised of experienced litigators, investigators, and forensic accountants, the SPAC Task Force is dedicated to rooting out and prosecuting fraud on behalf of injured SPAC investors.  The rise in blank check financing poses unique risks to investors.  Robbins Geller’s SPAC Task Force represents the vanguard of ensuring integrity, honesty, and justice in this rapidly developing investment arena.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases.  The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list.  And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm.  With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.

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