NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national shareholder and consumer rights litigation firm, is investigating whether Gogo Inc. (“Gogo” or the “Company”) (NASDAQ: GOGO) or certain of its officers and directors violated federal securities laws. If you purchased Gogo common stock on or after February 27, 2017, you are encouraged to contact a Scott+Scott attorney at (844) 818-6982 for more information.
Gogo is a global provider of broadband connectivity products and services for aviation.
This investigation concerns whether certain of Gogo’s filings with the U.S. Securities and Exchange Commission contained untrue statements of material fact or omitted material information, specifically regarding the Company’s financial guidance for 2018 and 2019.
On May 4, 2018, pre-market, Gogo announced disappointing quarterly earnings results. The Company explicitly withdrew “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, the price of Gogo stock fell from a close price of $9.59 on May 3, 2018, to a close price of $8.33 on May 4, 2018, a drop of 13%.
On May 8, 2018, Moody’s lowered the Company’s credit ratings across the board. On this news, Gogo stock fell from its close price of $7.86 on May 7, 2018, to a close price of $5.06 on May 8, 2018, a drop of nearly 36%.
On July 13, 2018, the stock price fell again, after the Company’s conference call discussing its new business plan, Gogo 2020. It is currently trading at $4.05, a 16% decline from the close price on July 12, 2018, and 72% below its 52-week high of $14.76 in September 2017.
What You Can Do
If you purchased Gogo common stock after February 27, 2017, and you wish to discuss this investigation, please contact attorney Joe Pettigrew at (844) 818-6982, or at firstname.lastname@example.org, or visit the Gogo investigation page on our website at https://scott-scott.com/investigation/gogo-inc/.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.