5 Law Firms Investigate Shareholder Suits Against Evolv
Five law firms have announced investigations of Evolv Technologies over alleged violations of securities law, claiming Evolv misled investors over the capabilities of its "weapons detectors." The firms are seeking shareholders that may have lost money, or whistleblowers, in order to potentially bring lawsuits against Evolv.
Inside this report, we examine the 5 investigations, Evolv's alleged false claims, what the shareholder losses might be, and Evolv's response.
Firms ******** ************** ** *****
** ******** *, ****, ***** ****** litigation **** ****** *************** ** ** *************"******** ********** *** **********" ** ***** due ** "******** ******************" ** *** technology's ********.
******* *** ************* ** ************ ********, *************** *** * ********** **** ********** ****** ** ********* ***** ******** the ***-************ *** ********* ******. *** firm*** ~*** *********- ****** ******* *** **** ******* - ** **** **** *** ********* to ****** ****. ******** *********:
**’** ******* **investors’ ****** and whether Evolv may have put sales **** ****** *** ****** ********* ***** *** *********** ** *** **********. At this time when schools and sports arenas are desperately looking for solutions to the weapons problem,it ** *** *********** ** ***** **** *** ******* ***** *** ****-***** ** ********, ******** *** **********. [emphasis added]
***** ****** ******'* ************, * ********** law ***** **** ********* ************** ** similar *******, ***** ** **** ************ are *****:
** ******** **** **** ***** ******* Evolv. ** ** ****** ** ***** action *****, *** ***** *** ***** seeking ********** *** **** ***** **** investments ** *****.
Also ******* **************
***** *** ***** *** **** ******* for **************. ****** ************* ************* *********** **** ***-****** *********** ** corporate ********** - **** ** *******/****** employees - ** **** ******* ***********, and ******* **% ** **% ** any ***** *** *** ********. *** instance, ** ******* ****,*** *** ******* $** ******* ** whistleblowers.
Evolv *****/********** ****** **********
***** **** ** *** ******** ** any ** ***** **************, *** * firms **** ********* ** **** ** collaboration **** *** ***.
** ******** ****,******* *************** ************** ******* ***** ******** ********* to ****** ****** *** ******** *****-******* pistols **** **% ** *** ****. Additionally, ***** ***** *** ****** ***-******* materials - ***** *** ******* **** bomb **********.
***** ****** **** ***⁴ ** ***** up *** *******, ********* * *******-******** public ******* **** *** *** **** on ** ******** **** ************ "*** scores." (***:****'* ******** ****-***, *********** ******** *******)
******** ** ***⁴'* ********, *****'* ****** ********** ********** *** ********* *** ********* "*** weapons" ********* "*** *** ****, *** the *****, *** *** ***** ******** knives."
Analysis ** ******** ****** ** *********
***** ***** (****)**** ****** ** ******* ***** ***** *** ******** ~**%, going **** * **** ** $**.** in **** **** ** $*.** ** of *** **, ****. ***********, **** Evolv ********* **** ******** ******.
*** ****** ** ***** ***** **** IPVM's ******** *, **** ********* **** the *** ** *** ******* ********, with *** ***** ********* ******** ** the ****** ****** *** *****:
*******, *** ********* **** ***** ******** "On **** **** [**** ****/***], *****'* stock ***** **** $*.** *** *****, of *.**%, **** *** ********* *** trading ********, ** ***** ** $*.** per ***** ** ******** *, ****." The ****** *** **** ********* ******** an *.*% ****. ** ***** *** plaintiffs **** **** ***** ***** ** this ****, * ***** ** ****** is ********.
***** ***** *** **** ****** **** influenced ** ***** *******, **** ********* ******* ***********. (****** ********* ***** ***** **** Evolv ****************** ***** **** ******* *******.)
No ******* **** *****
***** *** **** **** **** **** it "**** *** ** ********* * comment."
*******
** *******, *****'* ******* ** *****/********** claims ******* ******* ********* *** ******* types ** ************** ** ***** ******, and *** **** **** * ***** have ************* ********* ******** *********** ***** confirms ****. ***********, **** ** ***** has ******* ** *********, **** **** not *********** **** **** ** *** violated *** ***********.
*** *** **** *** ******** * possible *********** ****, *** **** **** not **** **** **** ****** ******* with **********. ** **** ** *** know *****, ** ***, **** ******* in ******* ****** ********** *** ************ losses **** *****/********** ******. *** ** one ** **** ******** *** *****, they **** ****** **** **** ***** to *******.
UPDATE (**/**/**): Another firm has launched a shareholder lawsuit investigation, after Evolv disclosed it has been questioned by the FTC over its marketing practices.
***** *****'* **********, "*****'* ***** ***** fell $*.**, ** **.*%, ** ***** at $*.** *** ***** ** ******* 12, ****, ******* ******** *********."
*** ***** *********** ************** ******** ** this ****** ** *** *** **** a ***** **** ** *****'* *****, however, *** *********** ***** ******* ********* Evolv's *** ************ *** **** **** potential **** **** ****** ***** ******* can ***** *** *********.
** ** **********, **** ********, ********* qualify ***** ****** *** **** *****, it *** ****** ********** **** ** reservation
***** ****** ***** ****** ********
$** ** $** ****** ******** ******** spending ********** ***** ** *****.
*** **** *** **** ** ** is **** *** ****** ****** *********** ** ** **** ** ******** that **** *** ***** ***** **** that **** ****** ********** ************* **** it ***** ** *** ******** ** the ********** ******.
*********** *** ********* *********** ******* *************, ***** ************** ** *** **** ********** ** the ******* *** ********* *********.
***** *****'* **********, "*****'* ***** ***** fell $*.**, ** **.*%, ** ***** at $*.** *** ***** ** ******* 12, ****, ******* ******** *********."
*** ***** *********** ************** ******** ** this ****** ** *** *** **** a ***** **** ** *****'* *****, however, *** *********** ***** ******* ********* Evolv's *** ************ *** **** **** potential **** **** ****** ***** ******* can ***** *** *********.
**** * ***** *********'* ******** *********' ************* ***** *** **** **** ******, I *** ********* ** *** *********** their ****** ****. *** ******* *****:
***:
** ** **********, **** ********, ********* qualify ***** ****** *** **** *****, it *** ****** ********** **** ** reservation - "************* ************** ******* **** personal *****" *** "************* ************** ******* from ******** ***** ********* ** ****** and ** ***** ****."
**********, ********* ********, ** *********, ***** it ********* ******** ****** **** ************ were ******* *******. ******* **** ***** deck, *** **** ** ************** ** explanation ** *** ****** *********** ** this *************** *** ********.
** *** ***** ****, ******* **** violates ******* *** ** ** ******** different ******** *** **'* ********* *********. And * ******** *** ******* ** ******* *** public*** **** **** ***** ** ** do ** ** ********* ** ****?