Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Ability, Inc. (ABIL)


NEW YORK, May 27, 2016 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Ability, Inc. (“Ability” or the “Company”) (Nasdaq:ABIL) in the United States District Court for the Southern District of New York on behalf of purchasers of Ability common stock between September 8, 2015 through April 29, 2016, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).

According to the Complaint, Defendants issued false and misleading statements to investors and/or failed to disclose that: (1) Ability materially overstated its income by failing to account for commissions; (2) Ability materially overstated its operating results by improperly recognizing revenue on multiple element sales transactions; (3) Ability has material weaknesses in its internal controls; (4) 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.  The suit claims that investors were damaged as a result of the alleged fraud.

If you wish to serve as lead plaintiff, you must move the Court no later than July 25, 2016.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.