Shareholder Rights and the Evolv Class Action Lawsuit: An Authoritative Exposition

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

An Overview of the Evolv Securities Class Action

Contact Timothy L. Miles for a free case evaluation in regard to the Evolv class action lawsuit

Investors who acquired publicly traded securities of Evolv Technologies Holdings, Inc. (NASDAQ: EVLV, EVLVW) between June 28, 2021, and March 13, 2024, may be eligible to participate in the Evolv class action lawsuit. The lawsuit, captioned Raby v. Evolv Technologies Holdings, Inc. f/k/a NewHold Investment Corp., No. 24-cv-10761 (D. Mass.), alleges violations of the Securities Exchange Act of 1934 by Evolv and certain current and former executives.

The crux of the Evolv class action lawsuit revolves around claims that the company made false and/or misleading statements regarding the effectiveness of its Artificial Intelligence (AI)-based security screening products. Specifically, the lawsuit contends that Evolv exaggerated the capabilities of its technology to detect weapons effectively, leading to an increased risk of undetected firearms and knives entering secure premises like schools.

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Allegations at the Heart of the Evolv Class Action Lawsuit

The Evolv class action lawsuit outlines several key allegations against the company and its executives:

1. Inflated Claims: According to the lawsuit, Evolv significantly overstated the efficacy of its products in detecting weapons during security screenings.
2. Detection Failures: The complaint alleges that Evolv's AI-based screening systems failed to reliably identify knives and firearms, potentially allowing these weapons to slip through unnoticed.
3. Deceptive Marketing Practices: The lawsuit accuses Evolv of engaging in deceptive marketing tactics, misrepresenting the true capabilities of its products to the public, customers, and investors.

Furthermore, a report titled "BBC Exposes Evolv with IPVM Research," released by IPVM on November 2, 2022, revealed that Evolv allegedly colluded with a public entity called NCS4 to conceal test results that exposed failures in their security screening technology.

Eligibility and the Lead Plaintiff Deadline for the Evolv Lawsuit

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Investors who acquired Evolv securities during the class period, spanning June 28, 2021, to March 13, 2024, and suffered losses may be eligible to participate in the Evolv class action lawsuit. The deadline for filing motions to be appointed as the lead plaintiff is May 14, 2024.

Under the Private Securities Litigation Reform Act of 1995 (PSLRA), any investor who purchased and incurred losses in Evolv stock can seek to be appointed as the lead plaintiff in the class action. The lead plaintiff typically represents the interests of the entire class and plays a crucial role in directing the litigation, selecting a law firm of its choice, and participating in settlement negotiations.

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Serving as the Lead Plaintiff: Benefits and Responsibilities

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.

However, being a lead plaintiff also entails specific responsibilities, such as:

1. Selecting and Monitoring Legal Counsel: Lead plaintiffs are responsible for selecting, monitoring, and overseeing the lead counsel.
2. Reviewing Court Filings: Lead plaintiffs must review and provide input on court filings made on behalf of the class.
3. Participating in Litigation Strategies: Lead plaintiffs discuss litigation strategies with the lead counsel.
4. Attending Depositions and Hearings: If necessary, lead plaintiffs may be required to attend depositions, hearings, and potentially the trial.
5. Settlement Input: Lead plaintiffs provide input on any decision concerning the settlement of the securities class action.

Non-U.S. Investors and the Lead Plaintiff Role

​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. 

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.

Establishing Liability in the Evolv Class Action Lawsuit

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To prevail in the Evolv class action lawsuit, the plaintiffs must prove the following elements:

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.

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Opting Out or Remaining in the Evolv Class Action

If you receive a notice from the court, you have two choices:

1. ​Do Nothing: By doing nothing, you will remain a member of the class represented by lead counsel.
2. Opt-Out: If you believe you have a large enough loss to justify it, you can opt out of the Evolv lawsuit and file your separate lawsuit. However, if you choose to opt-out, you will not be able to participate in any settlement or recovery obtained in the Evolv class action lawsuit.

FREQUENTLY ASKED QUESTIONS

Can I serve as a lead plaintiff in the class action against Evolv if I purchases 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 class action lawsuit.

Can I serve as a lead plaintiff in the class action against Evolv if I am serving as lead plaintiff in another securities fraud 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 in the Evolv 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 serve as lead plaintiff in the Evolv class action lawsuit if I sold my shares?

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

How do I know if I am a member of the class in the class action against Evolv?

​​If you purchased shares during the class period and suffered losses in Evolv stock, then you are most likely a member of the class in the Evolv lawsuit and may participate in the Evolv lawsuit since you suffered losses in Evolv​​ stock.

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]

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]