According to the law firm press release, Ability Inc. provides tactical communications intelligence solutions for government agencies, military forces, law enforcement and homeland security agencies worldwide.

The Complaint alleges that during the Class Period, Defendants materially misstated the Company’s business metrics and financial prospects, including, but not limited to, failing to disclose that: (a) the Company had materially overstated its income by failing to account for commissions; (b) the Company had materially overstated its operating results by improperly recognizing revenue on multiple element sales transactions; (c) the Company had a material weakness in its internal controls over financial reporting and disclosure controls and that such controls were ineffective; and (d) as a result of the foregoing, the Company’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.

On August 12, 2016, the Court appointed Co-Lead Plaintiffs and Counsel. Lead Plaintiffs filed a consolidated Complaint on June 15, 2017.

On April 25, 2018, the parties entered into a Stipulation of Settlement. The Court issued an Order preliminarily approving the Settlement on May 18. On September 17, the Court granted final approval of the Settlement and entered Final Judgment. Also on September 17, one of the Plaintiffs filed a Notice appealing the Final Judgment of the Court. On March 18, 2019, the parties filed a stipulation withdrawing the Appeal. On June 26, the Court issued a Class Distribution Order. On September 13, the Court issued a supplemental Class Distribution Order.