SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a Class Action Against Evolv Technologies Holdings, Inc. f/k/a NewHold Investment Corp. - EVLV; EVLVW

Then, 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 by $0.45, or 7.56%, to close at $5.50 on May 23, 2023. 

Then, On October 12, 2023, before the market opened, Evolv filed with the United States ("U.S.") Securities and Exchange Commission ("SEC") a Current Report on Form 8-K which stated that on October 12, 2023, the Company announced that the U.S. Federal Trade Commission had requested information about certain aspects of its marketing practices. 

On this news, the price of Evolv stock fell $0.58 per share, or 13.33%, to close at $3.77 on October 12, 2023. 

Then, on October 25, 2023, during market hours, IPVM released an article entitled "Why We Believe Evolv Express Is Not Actually Intelligent," which stated, in part, that "[w]hile Evolv prominently markets 'AI' (Artificial Intelligence), we do not believe Evolv Express is actually intelligent because it struggles to differentiate small knives from cell phones and guns from laptops, capabilities that we believe are basic to being an 'intelligent' weapons detector." 

On this news, the price of Evolv stock fell $0.06, or 1.48%, to close at $3.99 on October 25, 2023. 

Then, on February 20, 2024, before the market opened, Evolv filed with the SEC a current report on Form 8-K, attached to which was a press release entitled "Evolv Technology Provides Regulatory Update," which stated, in pertinent part, that "on Friday, February 16, 2024 the SEC notified the Company 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 by $0.82 per share, or 15.67%, to close at $4.41 on February 20, 2024.

Finally, on March 13, 2024, the BBC released an article entitled "AI weapons scanner backtracks on UK testing claims," which revealed 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 by $0.13 per share, or 3.51%, to close at $3.57 on March 13, 2024.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.  

Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980

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SOURCE Pomerantz LLP