Evolv Tech shares plummet 40% due to improper revenue recognition, employee misconduct, and unreliable financial statements.
Evolv Technologies (EVLV) has seen its shares plummet over 40% due to revelations of improper revenue recognition and employee misconduct. The company announced a delay in its quarterly financial report and warned that financial statements from Q2 2022 to Q1 2024 are unreliable. Multiple law firms are investigating potential securities law violations and urging affected investors to seek legal recourse following this significant decline in stock value.
October 25, 2024
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