September 17, 2018

Ability Inc. agreed to pay $3 million to investors to resolve a securities suit accusing the Israeli government contractor of making misleading financial statements during its bid to buy Cambridge Capital Acquisition Corp., according to a deal approved by a New York federal judge on Monday.

U.S. District Judge Victor Marrero granted final approval to the deal that will resolve a class action alleging Ability painted an inaccurately positive picture of the company’s financial state leading up to and after merging with Cambridge in 2015 that eventually led to a drop in stock price when the purported deceit was brought to light, according to court filings.

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