a panoptic elucidation of the EVOLV CLASS ACTION LAWSUIT

If you suffered losses in Evolv stock, contact Timothy L. Miles about an Evolv class action lawsuit

INTRODUCTION TO THE EVOLV CLASS ACTION LAWSUIT

Contact Evolv stock loss lawyer Timothy L. Miles today about an Evolv class action lawsuit

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 lawsuit alleged violations of the Securities Exchange Act of 1934 by Evolv and certain current and former executives.

​​If you suffered losses in Evolv stock during the Class Period and wish to serve as the lead plaintiff or have general questions about your rights as a shareholder, you can contact Evolv stock loss lawyer Timothy L. Miles at no charge. He can be reached by calling 855/846-6529 or via e-mail at [email protected].  Lead plaintiff motions must be filed with the court no later than May 14, 2024.

In this panoptic elucidation, we will discuss everything an Evolv shareholder needs to know about the Evolv class action lawsuit.

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THE ALLEGATIONS IN THE EVOLV CLASS ACTION LAWSUIT

​Evolv Technologies Holdings presents itself as a leading provider of Artificial Intelligence (AI)-based technology for detecting weapons during security screenings. However, the Evolv class action lawsuit alleges that Evolv made false and/or misleading statements and failed to disclose certain information throughout the Class Period.
The allegations in the lawsuit can be summarized as follows:

1. Exaggerated Effectiveness: Evolv significantly exaggerated the effectiveness of its products, according to the Evolv class action lawsuit.
2. Failure to Detect Weapons: The lawsuit claims that Evolv's products failed to effectively detect knives and guns, leading to an increased risk of undetected weapons entering places like schools.
3. Deceptive Marketing Practices: Evolv is alleged to have deceived the general public, its customers, and its investors regarding the true effectiveness of its products.

Furthermore, on November 2, 2022, IPVM released a report titled "BBC Exposes Evolv with IPVM Research," revealing that Evolv engaged in deceptive marketing practices and colluded with a public entity called NCS4 to conceal test results that showed failures in their security screening technology.

THE LEAD PLAINTIFF DEADLINE IN THE EVOLV CLASS ACTION LAWSUIT

Call us for a free case evaluation in the Evolv class action lawsuit

​​Lead plaintiff motions for the Evolv class action lawsuit must be filed with the court no later than May 14, 2024.​ When a securities class action is filed the person who files the first complaint is required to publish a notice announcing the filing. Anyone who wants to be lead plaintiff on behalf of the class must thereafter file a motion to be appointed as lead plaintiff(s) no later than 60 days after the notice was published.

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1. ​​The defendant made a material misrepresentation or omission.
2. The defendant acted with scienter, indicating a wrongful state of mind.
3. The misrepresentation or omission was made in connection with the purchase or sale of a security.
4. The plaintiff relied on the misrepresentation or omission.
5. The plaintiff suffered an economic loss as a result of the fraud.
6. The plaintiff can demonstrate loss causation, proving that the fraudulent misrepresentation or omission caused the economic loss.

WHAT PLAINTIFFS NEED TO PROVE TO PREVAIL IN THE EVOLV CLASS ACTION LAWSUIT

THE STAGES OF THE EVOLV CLASS ACTION LAWSUIT

​​​​The Evolv class action lawsuit will go through several stages before resolving. These stages include:

1. Consolidation of related cases and the appointment of a lead plaintiff.
2. Filing of a consolidated complaint by the lead plaintiff.
3. Defendants' motion to dismiss the complaint.
4. Class certification, determining if the criteria for class certification are met and if so, the lawsuit can proceed as a class action.
5. Discovery, where both parties exchange relevant documents and information.
6. Settlement talks and potential mediation.
7. Motions for summary judgment, seeking a resolution without trial.
8. Trial, where the court determines liability and damages if the case does not settle.
9. Possible appeal, which can extend the timeline of the lawsuit.

THE LEAD PLAINTIFF PROCESS IN THE EVOLV CLASS ACTION LAWSUIT CLASS ACTION LAWSUIT

The Private Securities Litigation Reform Act of 1995 (PSLRA) permits any investor who purchased and suffered losses in Evolv​​ stock 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 class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the securities class action lawsuit.  An investor’s ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff. ​

NON-U.S. INVESTORS MAY SERVE AS LEAD PLAINTIFF IN THE CLASS ACTION AGAINST EVOLV

​Courts in the U.S. have consistently recognized that non-U.S. investors, many of whom have substantial holdings, are adequate lead plaintiffs and have the same right to move for lead plaintiffs as U.S. investors.  Thus, if a non-U.S. investor suffered losses in Evolv​​ stock, they may move the Court to be appointed lead plaintiff in the class action against Evolv. 

THE BENEFITS OF SERVING AS LEAD PLAINTIFF IN THE EVOLV CLASS ACTION LAWSUIT

There are several benefits to serving as the lead plaintiff in the class action against Evolv:

1. Negotiating more competitive attorney fees and reducing litigation costs.
2. Managing the litigation by overseeing the progress of the case and reviewing important filings.
3. Participating in mediation and settlement discussions.
4. Having a voice in decision-making processes regarding the settlement.
5. No financial risk, as lead counsel covers all costs and expenses and are paid only if they secure a  settlement or judgment recovery for the class
6. Potentially enjoying long-term benefits from governance reform resulting from the litigation.

THE RESPONSIBILITIES THE LEAD PLAINTIFF WILL HAVE IN THE EVOLV CLASS ACTION LAWSUIT

​As the lead plaintiff, you have specific responsibilities to fulfill. These responsibilities include:

1. Selecting, monitoring, and overseeing lead counsel.
2. Reviewing and commenting on court filings on behalf of the class.
3. Discussing litigation strategies with the Lead Counsel.
4. Attending depositions (if necessary) and giving a deposition.
5. Attending hearings (if necessary).
6. Participating in mediation and the trial (if necessary).
7. Provide input on any decision concerning the settlement of the securities class action.

Frequently Asked questions

Can I Be Appointed Lead Plaintiff in the Evolv Lawsuit if I Purchased Shares Outside of the Class Period?

No.  Even if you suffered losses in Evolv​​​ stock, if you purchased securities outside of the Class period, you will not be able to participate in the Evolv lawsuit.

Will the Lead Plaintiffs Get More Money than Class Members if the Evolv Class Action Lawsuit settles?

​No, but they may be entitled to recover their reasonable expenses incurred with are directly related to representing the class. Under the PSLRA, a Lead Plaintiff is only entitled to his or her pro rata share of any recovery and does not receive any additional money for serving as a representative party on behalf of the class.  However, a court, in its discretion, may approve an award of “reasonable costs and expenses (including lost wages)” to a Lead Plaintiff that directly relates to the representation of the class in the Evolv class action lawsuit on behalf of investors who suffered losses in Evolv​ stock. 

Can I Be the Lead Plaintiff in the Evolv Class Action Lawsuit if I am the Lead Plaintiff in Another Case?

​​Yes, unless you have been a lead plaintiff in more than five securities class actions during any three-year period which is expressly prohibited by the securities laws. Otherwise, if you suffered losses in Evolv​ stock, you may move to be appointed lead plaintiff in the Evolv​ class action lawsuit.

Can the Court Appoint More than One Lead Plaintiff the Evolv class action lawsuit?

​Yes, at its discretion the Court may appoint a person, entity, or group of persons and/or entities as Lead Plaintiffs in the Evolv​ class action lawsuit.

Can I Sell My Stock and Still be a Member of the Class in the Evolv class action lawsuit?

​​Yes. There is no requirement for you to retain ownership of the stock after the class period has expired to participate in the Evolv​ class action lawsuit.

CONTACT AN EVOLV​ STOCK LOSS LAWYER TODAY ABOUT AN EVOLV CLASS ACTION LAWSUIT

If you suffered losses in Evolv​ stock, contact Evolv​ stock loss lawyer Timothy L. Miles today for a free case evaluation about an Evolv​ class action lawsuit. Call today and see what an Evolv stock loss lawyer could do for you if you suffered losses in Evolv​​​ ​stock. ​This will most likely be the only call you need to make. (855) 846–6529 or [email protected]. 

​The Law Offices of Timothy L. Miles
Tapestry at Brentwood Town Center
​300 Centerview Dr., #247
Brentwood, TN 37027
Phone: (855) 846–6529
​​Email: [email protected]
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Evolv​ stock loss lawyer Timothy L. Miles

Nashville attorney Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles has dedicated his career to representing shareholders, employees, and consumers in complex class-action litigation. Whether serving as lead, co-lead, or liaison counsel, Mr. Miles has helped recover hundreds of millions of dollars for defrauded investors,  shaped precedent-setting decisions, and delivered real corporate governance reforms. Judges and peers have repeatedly recognized Mr. Miles’ relentless advocacy for the underdog, as well as his unbendable ethical standards. Mr. Miles was recently selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association,​Class Action:  Class Action: Top National Trial Lawyers, National Trial Lawyers Association (2023), a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019); a Top Rated Litigator by Martindale-Hubbell® and ALM  (2019-2022); America’s Most Honored Lawyers 2020 – Top 1% by America’s Most Honored (2020-2022).  Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, civil procedure, derivative actions, corporate takeover litigation, corporate formation, mass torts, dangerous drugs, and more.  Please visit our website or call for free anytime.

CONTACT                                                      
The Law Offices of Timothy L. Miles
Tapestry at Brentwood Town Center
​300 Centerview Dr., #247
Brentwood, TN 37027
​​Phone: (855) 846-6529
​Email: [email protected]