Evolv is warning its shareholders to no longer rely on recent financial statements, as the security technology company investigates employee misconduct related to “certain sales.” A group of independent board directors is currently conducting an internal investigation into the company’s sales practices.
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The committee has also determined that certain employees were engaged with this misconduct, but no further specifics were shared Friday. Evolv notes the investigation is trying to determine if this misconduct impacted revenue reports and other financial metrics, and if so, when senior personnel became aware.
The investigating committee estimates that the sales transactions at issue resulted in premature or incorrect revenue recognition of about $4 million to $6 million through the end of June, Evolv said, although that could change pending the conclusion of the investigation.Nike’s quarterly sales and profits slump as it faces shoppers’ sluggish demand for its products
“We recognize the importance of timely and accurate financial disclosures and are working expeditiously to conclude our thorough investigation,” Evolv’s board said in a prepared statement — adding that it was “committed to taking whatever remedial actions are necessary.”
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