An investigation on behalf of investors in Ability Inc (NASDAQ:ABIL) shares over potential wrongdoing at Ability Inc was announced and NASDAQ:ABIL stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/21/2016 -- An investigation on behalf of current long-term investors in shares of Ability Inc (NASDAQ:ABIL) was announced over potential breaches of fiduciary duties by certain directors.
Investors who purchased shares of Ability Inc (NASDAQ:ABIL) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The investigation by a law firm concerns whether certain Ability directors breached their fiduciary duties and caused damage to the company and its shareholders.
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.
On May 25, 2016, a lawsuit was filed against Ability Inc over alleged securities laws violations. The plaintiff claims that 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.
Those who purchased shares of Ability Inc have certain options and should contact the Shareholders Foundation.
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