On September 14, 2018, the Honorable Victor Marrero of the United States District Court for the Southern District of New York granted final approval to a settlement of $3 million in this securities class action litigation against Ability Inc. (“Ability” or the “Company”) and certain former officers and directors of the Company.
Plaintiffs allege that, in violation of the Securities Exchange Act of 1934, Defendants made statements that were untrue and/or omitted facts which rendered certain statements misleading in investor presentations, in a registration statement, and in the Company’s December 2, 2015 proxy statement and prospectus, among other places. In particular, Plaintiffs allege that these misstatements and omissions related to: (1) accounting for commissions; (2) revenue recognition in multiple element sales transactions; and (3) material weaknesses in internal controls.
The final approval hearing for the proposed Settlement will be held on September 14, 2018, at 4:00 p.m.
To participate in the Settlement, Class Members must submit a Proof of Claim Form with the requested supporting documentation. The Court has defined Class Members to include: All Persons who, prior to May 2, 2016, purchased or otherwise acquired Ability common stock issued pursuant or traceable to the Company’s November 25, 2015 Registration Statement in a domestic transaction, and were damaged thereby.
Deadline: Proof of Claim Forms must be postmarked or received by the Claims Administrator no later than October 16, 2018. More information can be found at the Settlement website, http://www.abilitysecuritiessettlement.com/.
Lead Counsel for the investors in this class action are Daniel S. Sommers and S. Douglas Bunch of Cohen Milstein Sellers & Toll PLLC. Questions regarding the Settlement should be directed to them by phone at (202) 408-4600, or by e-mail at firstname.lastname@example.org or email@example.com.
The case name is: In re Ability, Inc. Securities Litigation, Case No. 1:16-cv-03893, U.S. District Court, Southern District of New York.