SAN FRANCISCO, July 20, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP reminds Ability Inc. (NASDAQ:ABIL) investors of the July 25, 2016 Lead Plaintiff deadline.
If you purchased or otherwise acquired securities of Ability between September 8, 2015 and April 29, 2016 and suffered over $75,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/ABIL
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing ABIL@hbsslaw.com.
The litigation concerns Ability’s September 8, 2015 announcement that it would merge with Cambridge Capital Acquisition Corporation (“Cambridge”), Defendants’ statements about its pre-merger revenue growth since 2013, and the post-merger truth revealing Defendants’ statements were false.
Approximately four months after Defendants closed the merger, on May 2, 2016, Defendants revealed Ability would restate its pre-merger financial statements due to improper revenue recognition practices dating back to year-end 2012. In response, the price of Ability’s shares fell 33% to close at $4.90 per share on May 2, 2016.
“Defendants’ Generally Accepted Accounting Principle violations helped them mask Ability’s true financial appearance,” said Hagens Berman partner Reed Kathrein. “Ability investors were entitled to its financial transparency when making their investment decisions.”
Whistleblowers: Persons with non-public information regarding Ability Inc. should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email ABIL@hbsslaw.com.
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