NEW YORK, June 02, 2016 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the United States District Court for the Southern District of New York on behalf of purchasers of Ability, Inc. ("Ability" or the "Company") (NASDAQ:ABIL) common stock during the period between September 8, 2015 and April 29, 2016, inclusive (the "Class Period").
Shareholders who have purchased Ability, Inc. common stock within the class period and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774.
If you purchased shares of Ability, Inc. and suffered a loss, you may request that the Court appoint you lead plaintiff of the proposed class no later than July 25, 2016.
The filed complaint alleges that, during the Class Period, defendants materially misstated the Company's business metrics and financial prospects, by failing to disclose that the Company had materially overstated its income by failing to account for commissions.
On September 8, 2015, Ability issued a joint press release with Cambridge Capital Acquisition Corporation ("Cambridge") announcing the execution of a definitive agreement under which Ability would merge with Cambridge. On December 23, 2015, Ability announced that the merger with Cambridge had closed. As a result of the merger, Cambridge changed its name to Ability, Inc. and the Company's ordinary shares and warrants began trading on the NASDAQ exchange.
On May 2, 2016, Ability announced its financial results for the fourth quarter and full-year 2015. The Company also announced that it would be restating its consolidated financial statements as of December 31, 2014 and for the two years in the period then ended. In reaction to these announcements, on May 2, 2016, the price of Ability common stock fell $2.42 per share, or 33%, to close at $4.90 per share, on heavy trading volume.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. You may also follow the firm and learn about newly filed cases on Twitter and Facebook.
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