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Ability Inc (NASDAQ: ABIL) Investor Securities Class Action Lawsuit 05/25/2016

  • You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of October 16, 2018 by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Ability Inc
Security
NASDAQ: ABIL

Case Name
Ability Shareholder Class Action Lawsuit 05/25/2016
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
Settlement Notice
ability_inc_settlement_notice_5_2018.pdf
Settlement Proof
ability_inc_settlement_proof_5_2018.pdf
Filed Complaint
ability_inc_original_filing_edited_5_2016.pdf
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$3,000,000.00
Deadline to Participate in Settlement

You must register to view and download the Settlement Notice and Settlement Proof.

Summary

May 18, 2018 - The court preliminarily approved the settlement.

April 25, 2018 - A stipulation of settlement was filed by the parties.

June 15, 2017 - A  consolidated complaint was filed.

May 25, 2016 - An investor in shares of Ability Inc (NASDAQ: ABIL) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Ability Inc in connection with certain allegedly false and misleading statements made between September 8, 2015 and April 29, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Ability Inc (NASDAQ: ABIL) common shares between September 8, 2015 and April 29, 2016, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between September 8, 2015 and April 29, 2016 the defendants issued false and misleading statements to investors and/or failed to disclose that Ability materially overstated its income by failing to account for commissions, that Ability materially overstated its operating results by improperly recognizing revenue on multiple element sales transactions, that Ability has material weaknesses in its internal controls and that as a result of the foregoing, Ability’s financial statements for the years ending December 31, 2013 and 2014 were materially false and misleading and not prepared in accordance with U.S. Generally Accepted Accounting Principles.

On May 2, 2016, Ability Inc (NASDAQ: ABIL) released an annual report on Form 20-F disclosing that it would be restating its financial results for the two years ending December 31, 2014. Ability Inc admitted that it improperly allocated and timed its revenue recognition, and failed to recognize commissions due to a third party.

Shares of Ability Inc (NASDAQ: ABIL) declined to as low as $2.77 per share on May 6, 2016.

ability_inc_original_filing_edited_5_2016.pdf
Date Settled