Cohen Milstein Sellers & Toll PLLC and Glancy Prongay & Murray LLP Announce Proposed Settlement in the Ability, Inc. Securities Litigation

NEW YORK, June 18, 2018 /PRNewswire/ -- The following statement is being issued by Cohen Milstein Sellers & Toll PLLC and Glancy Prongay & Murray LLP regarding the Ability, Inc. Securities Litigation:

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

SUMMARY NOTICE OF (I) PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION; (II) SETTLEMENT FAIRNESS HEARING; AND (III) MOTION FOR AN AWARD OF ATTORNEYS' FEES AND REIMBURSEMENT OF LITIGATION EXPENSES

TO:     ALL PERSONS OR ENTITIES WHO, PRIOR TO MAY 2, 2016, PURCHASED OR OTHERWISE ACQUIRED ABILITY, INC. ("ABILITY" OR THE "COMPANY") COMMON STOCK ISSUED PURSUANT OR TRACEABLE TO THE COMPANY'S NOVEMBER 25, 2015 REGISTRATION STATEMENT ("REGISTRATION STATEMENT") IN A DOMESTIC TRANSACTION, AND WERE DAMAGED THEREBY (THE "CLASS").

PLEASE READ THIS NOTICE CAREFULLY, YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED that pursuant to an Order of the United States District Court for the Southern District of New York, a hearing will be held on September 14, 2018, at 4:00 p.m., before the Honorable Victor Marrero, United States District Judge, at the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, Courtroom 11B, 500 Pearl St., New York, NY 10007, for the purpose of determining (1) whether the proposed Settlement of the Action for the sum of Three Million Dollars ($3,000,000.00) in cash should be approved by the Court as fair, reasonable, and adequate, which would result in this Action being dismissed with prejudice against the Released Parties as set forth in the Stipulation and Agreement of Settlement dated April 25, 2018; (2) whether the Plan of Allocation of settlement proceeds is fair, reasonable, and adequate and therefore should be approved; and (3) whether Lead Counsel's application for an award of attorneys' fees of no more than 33.3% of the Settlement Amount and reimbursement of expenses not to exceed $100,000, as well as reimbursement of Lead Plaintiffs' expenses in an amount not to exceed $10,000 each, should be approved.

If you purchased or otherwise acquired Ability common stock as described above, your rights may be affected by this Action and the Settlement and you may be entitled to share in the Settlement Fund.  If you have not received a Postcard Notice of the Settlement, you may contact the Claims Administrator, KCC, at:

Ability, Inc. Securities Litigation
c/o KCC Class Action Services
P.O. Box 404041
Louisville, KY 40233-4041
Tel: (866) 658-6606
Email: [email protected]

You can also download copies of Settlement documents from the website www.AbilitySecuritiesSettlement.com, including: (1) the Postcard Notice; (2) the Notice of (I) Pendency and Proposed Settlement of Class Action, (II) Settlement Fairness Hearing, and (III) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses (the "Internet Long Form Notice"); and (3) the Proof of Claim and Release form.

To participate in the Settlement, you must submit a completed Proof of Claim and Release form with the required documents postmarked or emailed no later than October 16, 2018 to the Claims Administrator, establishing that you are entitled to a recovery.  You will be bound by any judgment rendered in the Action unless you send a request to be excluded, in writing, to the Claims Administrator's address above, so that it is received by August 24, 2018, in the manner set forth in the Internet Long Form Notice.

Any objections to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel's motion for attorneys' fees and reimbursement of expenses including Plaintiffs' expenses, must be filed with the Court and delivered to Lead Counsel and Defendants' counsel such that they are received no later than August 24, 2018, in accordance with the instructions set forth in the Internet Long Form Notice, which can be downloaded at
www.AbilitySecuritiesSettlement.com.

Inquiries about the Settlement, other than requests for the Internet Long Form Notice or Proof of Claim and Release form, may be made to Lead Counsel:

Further information may also be obtained by directing your inquiry to the Claims Administrator.  PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.

BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

SOURCE Cohen Milstein Sellers & Toll PLLC; Glancy Prongay & Murray LLP

Related Links

http://www.AbilitySecuritiesSettlement.com