LOS ANGELES–(BUSINESS WIRE)–$EVLV #EVLV—The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Evolv Technologies Holdings, Inc. (“Evolv” or “the Company”) (NASDAQ: EVLV) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Evolv was the subject of a BBC News report published on November 2, 2022. According to the report, the AI-based weapons-detection technology touted by the Company as effective failed to live up to its hype. The report claims that “documents shared with BBC News by research firm IVPM suggests that they may fail to detect certain types of knives, as well as some bombs and components,” adding that “in 24 walkthroughs, Evolv Express failed to detect large knives 42% of the time.” Based on this news, shares of Evolv fell by almost 8.2% over the next several trading sessions.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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