Similarly, on February 20, 2024, Evolv disclosed that the SEC was "initiating an investigation that was described as a confidential, 'non-public, fact-finding inquiry.'" On this news, Evolv's stock fell an additional $0.82 per share, or over 15.6% in value, to close on February 20, 2024 at $4.41 per share, again on heavy trading volume. The investigation seeks to determine whether the members of Evolv's board of directors violated the securities laws and/or breached their fiduciary duties in connection with the above alleged misconduct and disclosures.