Evolv Technologies Holdings, Inc. (EVLV), Friday announced a delay in the third-quarter financial report, due to an internal investigation, focusing on the company's sales practices.
During the preliminary investigation stage, the security technology company determined that certain sales, including sales to one of its largest channel partners, were subject to extra-contractual terms and conditions, some of which were not shared with the company's accounting personnel, and that certain company personnel engaged in misconduct in connection with those transactions.
Also, the extra-contractual terms and conditions were withheld from the company's Audit Committee of the Board and independent registered public accounting firm, PricewaterhouseCoopers LLP.
Based on these preliminary findings, Evolv found certain sales transactions inaccuracies, and premature and incorrect revenue in financial statements prepared between second quarter of 2022 and the second quarter of 2024.
Currently, Evolv's stock is trading at $2.35, down 42.36 percent on the Nasdaq.
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