NEW YORK, May 4, 2016 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Ability Inc. ("Ability" or the "Company") (NASDAQ: ABIL).
The investigation focuses on whether the Company and its executives violated federal securities laws by issuing materially misleading information. Specifically, on May 2, 2016, the Company filed its annual report Form 20-F, disclosing that the Company has restated its "consolidated financial statements as of December 31, 2014 and for the two years in the period then ended and as of June 30 and September 30 in 2015 and 2014 and for the six and nine month periods then ended," to reflect corrections of errors in connection with previously unrecognized commissions due to a vendor, improper allocation and timing of revenue recognition, and previously unrecognized commissions due to a third party.
On this news, Ability's share price fell from a closing price of $7.32 per share on April 29, 2016 to a closing price of $4.90 on May 2, 2016—a $2.42 or a 33.06% drop.
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If you invested in Ability securities and would like to discuss your legal rights, visit www.faruqilaw.com/ABIL. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Ability's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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