Israeli hacking firm Ability under SEC investigation, adding to its woes
At a glance, the private hacking and surveillance industry is rich and getting richer. Yet that industry boom doesn’t mean every company is raking in millions. Amid the high demand for surveillance tech, there is a multimillion-dollar Israeli firm whose future is very much in doubt. Ability Inc. is staring at a mountain of business and legal challenges. The 23-year-old company is currently under investigation by the Securities and Exchange Commission for allegedly lying about products and finances. It’s also facing an investor lawsuit for many of the same allegations, was nearly delisted from NASDAQ and has watched nearly a dozen board members resign in the last year. At the heart of the lawsuits are allegations that Ability lied for years about the company’s ability to develop, sell and deploy its flagship product. The tool, which is spyware designed to eavesdrop on any mobile phone, was not developed by Ability nor does the company […]
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