Evolv Technologies (EVLV) stock was mercurial on Tuesday after federal regulators said they were taking action its alleged false claims of artificial intelligence-powered security screening system could detect weapons in school settings, while ignoring harmless personal items.
Under terms of a proposed settlement order with the Federal Trade Commission, Evolv would be banned from making unsupported claims about the ability of its products to detect weapons by using AI .
The company will also give selected K-12 school customers the option to cancel their multi-year contracts, FTC said.
Evolv Technologies shares dropped as much as 16% before recovering to a 0.14% gain recently.
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