WASHINGTON--(BUSINESS WIRE)--

Cohen Milstein Sellers & Toll PLLC (“Cohen Milstein”) announces that it has been appointed Co-Lead Counsel, together with Glancy Prongay & Murray LLP, in the securities class action against Ability, Inc. (formerly, Cambridge Capital Acquisition Corporation) (“Ability” or the “Company”) (NASDAQ: ABIL) and certain executive officers of the Company, currently pending in the United States District Court for the Southern District of New York, In re Ability, Inc. Securities Litigation, No. 16-cv-03893-VM.

On September 8, 2015, publicly traded Cambridge Capital Acquisition Corporation (NASDAQ: CAMB; CAMBW; CAMBU) (“Cambridge”) announced the execution of a definitive agreement under which Cambridge would merge with privately-held Ability Computers & Software Industries Ltd. (“ACSI”). On December 23, 2015, Cambridge held a special meeting of its shareholders to vote on the proposed merger with ACSI; and, following a majority vote in favor of the merger, Cambridge announced that the merger with ACSI had closed. As a result of the merger, Cambridge changed its name to Ability, Inc. and the Company’s ordinary shares and warrants began trading on the NASDAQ under the symbols ABIL and ABILW, respectively.

Investors that held Cambridge/Ability stock or warrants prior to the December 23, 2015 special shareholder meeting are encouraged to contact S. Douglas Bunch, Esq. of Cohen Milstein at 202-408-4600 to discuss the status of the case and the claims in the litigation.

On May 2, 2016, Ability announced its financial results for the fourth quarter and full-year 2015. The Company also announced that it would be restating its consolidated financial statements as of December 31, 2014 and for the two years in the period then ended. In reaction to these announcements, on May 2, 2016, the price of Ability common stock fell $2.42 per share, or 33%, to close at $4.90 per share, on heavy trading volume.

The complaint filed in this lawsuit alleges 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.

If you purchased shares of Cambridge or Ability securities during the Class Period of September 8, 2015 through April 29, 2016, inclusive, or if you have any questions concerning this case, this announcement, or your rights or interests with respect to these matters, or if you would like an update concerning the status of this case, would like to learn more about the case, or have information and wish to discuss these matters further, please contact S. Douglas Bunch of Cohen Milstein, 1100 New York Avenue, N.W., Fifth Floor, Washington, D.C., 20005, by telephone at 202-408-4600, by email at [email protected], or visit our website at http://www.cohenmilstein.com. If you inquire by email please include your mailing address, telephone number, transaction date(s), and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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