The court has appointed a lead plaintiff, which filed an amended complaint, and the case is proceeding to brief a motion to dismiss. Massachusetts-based Evolv Technologies Holdings ("Evolv") develops and sells AI-powered security scanners to detect weapons for security screening in the United States and internationally. A complaint filed in the District of Massachusetts claims Evolv made false and misleading statements regarding the efficacy of its AI technology, in violation of Section 11 of the Securities Act and Section 10(b) of the Exchange Act. The plaintiffs allege that Evolv inaccurately stated that its technology used "artificial intelligence to reliably detect real threats" and that former CEO Peter George's further statements in a video posted to Fox Business were false or materially misleading. The complaint follows a notable Federal Trade Commission (the "FTC") investigation and action against Evolv, in which the FTC alleged that Evolv deceived users about its AI-powered security system.