SEC Considering Disciplinary Action Against Interception Company Ability
Tel Aviv-based Ability has been under probe since February 2017 in regards to a 2015 merger, and to business information filed by the company
For daily updates, subscribe to our newsletter by clicking here.Ability's stock was worth around $100 when it listed on Nasdaq, but it has lost most of its value since, currently trading at around $7.5 after reaching its lowest point of $2.16 in mid-June. The company has also seen the majority of its board resign twice, and had class action suits filed against it in both the U.S. and Israel by investors following the restatement. The company has also received notice from Nasdaq about failing to comply with a Listing Rule several times throughout 2017 and 2018.
In Sunday's announcement, Ability stated the notice from the SEC is not a "formal allegation of wrongdoing nor a finding that any violations of law have occurred," but at this point a requirement that Ability's founders and major shareholders Anatoly Hurgin and Alexander Aurovsky answer the issues raised by the investigation.