LOS ANGELES--(BUSINESS WIRE)--National securities litigation law firm Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors that purchased Gogo Inc. (“Gogo” or the “Company”) (NASDAQ: GOGO) securities between February 27, 2017 and May 7, 2018, inclusive (the “Class Period”). Gogo investors have until August 27, 2018 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
Investors that suffered losses on their Gogo investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to email@example.com.
On May 4, 2018, Gogo announced its first quarter 2018 financial results, stating 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.” On this news, shares of Gogo fell $1.73 or 18% to close at $7.86 per share on May 7, 2018.
Then, on May 7, 2018, Moody’s reduced Gogo’s credit ratings. On this news, shares of Gogo fell $2.80 or over 35% to close at $5.06 per share on May 8, 2018, thereby injuring investors.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Gogo's 2Ku antenna had more reliability issues than the public was led to believe; (2) Gogo's 2Ku antennas required costly installation and faced costly remediation challenges or required replacement due to deicing fluids from planes infiltrating the 2Ku system, as well as manufacturing and software issues; (3) consequently, Gogo would not be able to meet its previously issued 2018 guidance; and (4) as a result, the company's financial statements were materially false and misleading at all relevant times.
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If you purchased shares of Gogo during the Class Period you may move the Court no later than August 27, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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