Evolv Technologies ($EVLV) Investor Settlement
Evolv Technologies ($EVLV) has reached a settlement with investors to resolve claims that it misled the market about the reliability of its weapons detection technology and improperly recognized revenue tied to undisclosed contract terms.
In 2021, Evolv went public while promoting its AI-based weapons detection technology as highly effective. However, soon, the company was accused of overstating the system’s capabilities and improperly recognizing revenue. As regulatory scrutiny increased, Evolv restated financials, and $EVLV fell 39%, prompting an investor lawsuit.
July 2021: Evolv went public through a SPAC merger with NewHold Investment Corp.
October 12, 2023: Evolv revealed FTC investigation into deceptive marketing; shares dropped 13.3%.
February 19, 2024: SEC investigation disclosed; $EVLV fell 15.7%.
October 25, 2024: Evolv announced financial restatements due to improper revenue; stock plunged 39.75%.
October–November 2024: CEO Peter George was terminated following an internal review, and the CFO resigned after admitting oversight failures.
September 2025: A settlement was reached between Evolv and its investors.
Evolv went public in July 2021 through a SPAC merger, promoting its “Evolv Express” AI weapons detection system as a major innovation. The company claimed independent validation and strong effectiveness.
However, it was later revealed that those claims were false. In March 2024, a BBC exposé showed that the technology failed to detect common weapons, contradicting Evolv’s marketing.
Regulatory pressure mounted in late 2023 and early 2024. On October 12, 2023, Evolv disclosed an FTC investigation, followed by an SEC investigation announced on February 19, 2024. Around the same time, internal findings showed the company had improperly recorded revenue from contracts lacking proper approvals or binding terms.
On October 25, 2024, Evolv issued adjustments to its financial statements for multiple prior quarters, causing shares to plunge 39.75%.
Following these revelations, CEO Peter George was terminated, and the CFO resigned. Investors filed a lawsuit seeking recovery for the losses caused by these issues.
In 2025, a settlement was reached between Evolv and its investors.
Evolv Technologies ($EVLV) has reached a settlement with investors to resolve claims that it misled the market about the reliability of its weapons detection technology and improperly recognized revenue tied to undisclosed contract terms.
If you were damaged due to this situation, you can file for a payout and get your share of the settlement. You can check if you are eligible and other details in the FAQ section below.
Frequently Asked Questions
All persons and entities that purchased and/or otherwise acquired the publicly traded common stock of Evolv Technologies Holdings (“Evolv” or the “Company”) f/k/a NewHold Investment (“NHIC”) between June 28, 2021 and October 25, 2024, both dates inclusive, and/or purchased or otherwise acquired Evolv common stock pursuant to Evolv’s Registration Statement and who were damaged thereby.
No, if you have purchased securities within the class period, you are eligible to participate.
You can participate in the settlement and retain (or sell) your securities.
The entire process usually takes 4 to 9 months after the claim deadline. But the exact timing depends on the court and settlement administration.
The final payout amount depends on your specific trades and the number of investors participating in the settlement.
If 100% of investors file their claims, the average payout will be $0.14 per share. Although typically only 25% of investors file claims, in this case, the average recovery will be $0.56 per share.
If you're eligible, you can file your claim directly from this case page by clicking the "Collect Payout" button.
More than 100 companies are currently paying out settlements. Connect your brokerage account to automatically check which ones you may have missed — or file manually for this case.
11th.com is an investor recovery company that helps investors track and collect securities class action settlements. We will:
1. Prepare documents for your payout.
2. Audit the claim and make sure you get the maximum possible payout.
3. File a claim with the settlement administration.
4. Correspond with the settlement administration to resolve emerging issues.
5. Deliver payout directly to your brokerage account.
There is no upfront cost, but we will deduct 20% of the recovered amount as a commission for our services.