LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the July 25, 2016 deadline to file a lead plaintiff motion in the class action filed on behalf of a class (the “Class”) of investors who purchased Ability, Inc. (“Ability” or the “Company”) (NASDAQ: ABIL) securities between September 8, 2015 and April 29, 2016, inclusive (the “Class Period”). Ability investors have until July 25, 2016 to file a lead plaintiff motion.
The complaint alleges that, throughout the Class Period, 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 purchased Ability shares, you may move the Court no later than July 25, 2016 to request appointment as lead plaintiff. To be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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