LOS ANGELES, Sept. 28, 2026 (GLOBE NEWSWIRE) — The United States District Court for the District of Massachusetts granted final approval of a $15,000,000 cash settlement resolving securities fraud claims on behalf of investors who purchased or otherwise acquired Evolv Technologies Holdings, Inc. f/k/a NewHold Investment Corp. (NASDAQ: EVLV) common stock. The Honorable Allison D. Burroughs entered judgment approving the settlement on September 24, 2026, following a settlement fairness hearing held that day.
Glancy Prongay Wolke & Rotter LLP served as Court-appointed Lead Counsel for the Settlement Class, with Andrews DeValerio LLP serving as Liaison Counsel, and The Law Offices of Frank R. Cruz serving as additional counsel for plaintiffs. The action was brought on behalf of Court-appointed lead plaintiff Robert Falk and named plaintiffs Chris Williams, Tim R. Carrillo, and Chris Swanson.
The Settlement Class
The Court certified, for settlement purposes, a Settlement Class consisting of all persons and entities that purchased and/or otherwise acquired the publicly traded common stock of Evolv between June 28, 2021 and October 25, 2024, both dates inclusive, and/or purchased or otherwise acquired Evolv common stock pursuant to the registration statement issued in connection with Evolv’s July 2021 business combination with NewHold Investment Corp., and who were damaged thereby. Certain persons and entities are excluded from the Settlement Class by definition, including the officers and directors of Evolv and NewHold Investment Corp. during the class period and their immediate families.
The Allegations
The litigation concerned allegedly false and misleading statements by Evolv and certain current and former officers and directors of Evolv and NewHold Investment Corp. The statements concerned the effectiveness of the Company’s flagship product, Evolv Express; the Company’s use of extra-contractual terms and conditions in certain arrangements with customers and channel partners; and the Company’s financial metrics and compliance with generally accepted accounting principles (GAAP). Plaintiffs asserted claims under the Securities Exchange Act of 1934 and, for shares acquired pursuant to the business combination registration statement, under the Securities Act of 1933.
Plaintiffs alleged that the truth emerged through a series of disclosures between May 2023 and October 2024. On October 25, 2024, Evolv announced that its Board of Directors had determined that the Company’s previously issued financial statements for fiscal years 2022 and 2023, and for certain interim periods from 2022 through June 30, 2024, should no longer be relied upon because of revenue misstatements. The operative complaint also included allegations based on the Federal Trade Commission’s resolution of its inquiry into certain of Evolv’s marketing practices.
The settlement resolves all claims asserted against Evolv and the individual defendants. Defendants have denied and continue to deny the allegations. The settlement is not an admission of liability by any defendant, and the Court’s judgment makes no finding of wrongdoing.
Claims Deadline
The deadline for Settlement Class Members to submit a claim form was August 12, 2026. The Notice, the Court’s judgment, and other information about the settlement are available at www.EvolvTechSecuritiesSettlement.com.
About Glancy Prongay Wolke & Rotter LLP
Glancy Prongay Wolke & Rotter LLP is a national law firm representing investors and consumers in complex litigation, with a practice concentrated in securities class actions and shareholder litigation. The firm is headquartered in Los Angeles.
Contact
Casey Sadler, Esq.
Glancy Prongay Wolke & Rotter LLP
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
(310) 201-9150
[email protected]
The case is In re Evolv Technologies Holdings, Inc. Securities Litigation, Case No. 1:24-cv-10761-ADB.
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