NEW YORK — Amid an investigation into business misconduct and other looming legal problems, security technology company Evolv is now firing its CEO.

Evolv’s board of directors fired Chief Executive Officer Peter George on Wednesday, effective immediately, according to a statement released by the company on Thursday. Michael Ellenbogen, Evolv’s current chief innovation officer, will serve as interim CEO and president.

The details of George’s dismissal were not immediately clear – but Evolv noted that the dismissal was without cause and followed months of “careful planning and deliberations” by the board.

The move comes just days after Evolv revealed an ongoing investigation into the company’s business practices, warning shareholders to stop relying on recent financial statements. The board acknowledged the investigation Thursday, but maintained it had been “evaluating leadership and performance for several months – well before we became aware of potential issues with the company’s sales practices and financial reporting.” .

Evolv shared the initial findings of this investigation last week. An internal committee found that some employees were making sales “subject to extra-contractual conditions,” the company noted, some of which were not shared with accounting staff. Evolv says it is trying to determine whether this misconduct impacted revenue reporting and other financial indicators, and if so, when senior management became aware of it.

How high this could reach has not yet been confirmed, but Evolv said it would take any necessary corrective measures. As of Friday’s disclosure, the investigative committee estimated that the sales transactions at issue resulted in premature or incorrect revenue recognition of approximately $4 million to $6 million through the end of June.

This is far from the first time Evolv has found itself in hot water. The company has faced other legal problems over the years, including separate federal investigations into its marketing practices by the Federal Trade Commission and the Securities Exchange Commission.

And earlier this year, investors filed a class-action lawsuit, accusing company executives of overestimating the devices’ capabilities and claiming that “Evolv does not reliably detect knives or guns.”

Evolv, which provides security screening technology powered by artificial intelligence, also made headlines after a pilot testing program used its handheld gun scanners in select New York City subway stations this summer .

This program has been the subject of widespread criticism from some civil liberties groups, as well as questions of effectiveness. Newly released police data showed the scanners failed to detect any passengers with guns and received more than 100 false alarms during the month-long test.

Following the news of George’s firing, Evolv shares fell nearly 10% Thursday afternoon.

According to the company, Evolv’s board of directors formed a succession planning committee to evaluate leadership performance and plan for the CEO transition in May. The company said it is actively recruiting CEO candidates and intends to announce an official successor “quickly.”

In a statement released Thursday, the board added that a change in leadership was needed “to improve the company’s culture as we prepare for the next phase of growth.”

Ellenbogen, the current interim CEO, is one of the co-founders of Evolv and served as CEO for seven years.

In August, Waltham, Mass.-based Evolv reported second-quarter revenue of $25.5 million, up 29% from $19.8 million in the same period. from last year. Its next earnings report is delayed due to the ongoing investigation into trading misconduct.