NEW ORLEANS, July 8, 2016 /PRNewswire/ -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until July 25, 2016 to file lead plaintiff applications in a securities class action lawsuit against Ability Inc. (NasdaqCM: ABIL), if they purchased the Company's securities between September 8, 2015 and April 29, 2016, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased shares of Ability and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by July 25, 2016.
About the Lawsuit
Ability and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
The alleged false and misleading statements and omissions include, but are not limited to, that Ability had: (i) materially overstated its income by failing to account for commissions; (ii) materially overstated its operating results by improperly recognizing revenue on multiple element sales transactions; and (iii) a material weakness in its internal controls over financial reporting and disclosure controls.
On May 2, 2016, Ability announced that it would be restating its consolidated financial statements for 2012-2015. On this news, the price of Ability's common stock plummeted by 33%.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
206 Covington St.
Madisonville, LA 70447
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SOURCE Kahn Swick & Foti, LLC