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Evolv Technologies, a company specializing in weapons-screening technology, announced that it will need to restate its financial statements for the past two years due to accounting improprieties identified during an internal investigation. The company disclosed that some employees engaged in misconduct related to business deals. The restatement is estimated to involve a financial adjustment of approximately $5 million to $6 million. This announcement comes amid ongoing investigations into the company's sales and revenue accounting practices, which have raised concerns regarding its contract structures and overall governance.
Evolv Technologies, which develops weapons-screening technology, will have to redo two years of financial statements after an internal investigation into its sales and revenue accounting practices. https://t.co/4eantLdmx9
Evolv Technologies, which develops weapons-screening technology, will have to redo two years of financial statements after an internal investigation into its sales and revenue accounting practices. https://t.co/qJW2dRWv9O
Evolv, technology company behind Adams administration’s controversial subway system weapons scanner program, discloses some employees have 'engaged in misconduct' during business deals Announcement comes as firm faces several investigations https://t.co/1grGBK1pTL