Evolv Execs, Board Members Hit With Shareholder Securities Suit

Evolv Technologies Holdings Inc. executives and board members allegedly caused the company to misrepresent the efficacy of its products and financial health, a new complaint in federal court says.

The current and former officers allegedly failed to disclose critical details in Evolv’s financial reports, and allowed the company to overstate the efficacy of Evolv’s flagship security screening product. Evolv shareholder Bonnie Maas filed the shareholder derivative lawsuit Tuesday in the US District Court for the District of Massachusetts on behalf of the company.

Evolv, which provides AI-powered weapons detection security systems, and some of the same named defendants in this ...