LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Gogo Inc. ("Gogo" or the "Company") (NASDAQ: GOGO) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Gogo announced its first quarter 2018 financial results before the market opened on May 4, 2018. The Company disclosed that it was “withdrawing its previously provided 2018 guidance for Adjusted EBITDA, airborne Cash CAPEX, and airborne equipment inventory purchases related to airline-directed installations, as well as Free Cash Flow guidance.” Based on this announcement, shares of Gogo fell 18%, or $1.73 per share, over the next two trading sessions. Moody’s downgraded Gogo’s rating on May 7, resulting in a 35% share price drop on May 8, 2018.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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