An investor in NASDAQ:ABIL shares filed a lawsuit against Ability Inc over alleged violations of Federal Securities Laws.
Investors who purchased shares of Ability Inc (NASDAQ:ABIL) have certain options and for certain investors are short and strict deadlines running. Deadline: July 25, 2016. NASDAQ:ABIL investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
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 $2.52 per share on May 20, 2016.
Those who purchased NASDAQ:ABIL shares have certain options and should contact the Shareholders Foundation.
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