After litany of alleged lies, Israeli hacking firm Ability Inc. settles lawsuit for $3 million

Plagued by investor lawsuits and federal investigations over allegedly lying about products and finances, Israeli hacking company Ability Inc. recently settled out of court by paying $3 million to investors who say Ability’s executives have been misleading about their company’s finances from the start. Most of the allegations in the class action lawsuit are also violations of U.S. law, so it’s little surprise that Ability came under federal investigation last year for allegedly lying about products and finances. When asked about the current status of the investigation, the Securities and Exchange Commission (SEC) declined to comment. Investigations of this nature tend to take years to complete. The settlement is a significant hit for a company with quickly evaporating cash reserves and revenue — and little explanation as to why things have gone so badly. With just $3.6 million in cash left on Ability’s balance sheet, according to SEC filings, the clock is ticking. The company spent … Continue reading After litany of alleged lies, Israeli hacking firm Ability Inc. settles lawsuit for $3 million