RADNOR, Pa.--(BUSINESS WIRE)--Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Gogo Inc. (NASDAQ:GOGO) (“Gogo” or the “Company”) on behalf of certain investors who purchased the Company’s common stock between February 27, 2017 and May 7, 2018, inclusive (the “Class Period”).
DEADLINE ALERT: Investors who purchased Gogo’s common stock during the Class Period may, no later than August 27, 2018, seek to be appointed as a lead plaintiff representative of the class. Gogo investors are encouraged to contact Kaskela Law LLC (David Seamus Kaskela, Esq.) at (484) 258 – 1585 or (888) 715 – 1740 and/or submit their information online at http://kaskelalaw.com/case/gogo/.
The shareholder class action complaint alleges that defendants made false and misleading statements and/or failed to disclose material adverse information to investors during the Class Period. The complaint further alleges that, as a result of the foregoing, investors purchased Gogo’s common stock at artificially inflated prices during the Class Period and suffered significant investment losses following the Company’s disclosures.
Specifically, on May 4, 2018, Gogo 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.” During a conference call that same day, Gogo’s CEO disclosed quarterly problems regarding product availability and coverage, with “the major cause [being] deicing fluid getting into the antenna raceways in which the antenna discs spin,” but that “while deicing was the biggest issue there are also some manufacturing issues and software issues.” On this news, shares of the Company’s common stock declined $1.73 per share over the following two trading days, or over 18%, to close at $7.86 per share on May 7, 2018.
Gogo investors are encouraged to contact Kaskela Law LLC and/or submit their information online at http://kaskelalaw.com/case/gogo/. Kaskela Law LLC exclusively represents investors in state and federal courts throughout the country. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.