NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national shareholder and consumer rights litigation firm, is informing investors that a class action lawsuit has been filed against Gogo Inc. (“Gogo” or the “Company”) (NASDAQ:GOGO) and other defendants, related to alleged violations of federal securities laws. If you purchased Gogo stock or securities between February 27, 2017 and May 7, 2018, you are encouraged to contact a Scott+Scott attorney at (844) 818-6982 for additional information.
Gogo’s 2Ku system is an antenna and satellite-based system which provides additional bandwidth and improved speeds for WiFi on airplanes.
The lawsuit alleges that, during the class period, defendants made 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 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.
On May 4, 2018, pre-market, Gogo announced disappointing quarterly earnings results and addressed issues related to deicing. On this news, the price of Gogo stock fell $1.26 from market close on May 3, 2018 to market close on May 4, 2018, a drop of 13%.
Then, on May 7, 2018, Moody’s downgraded Gogo’s credit ratings. 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%.
What You Can Do
If you purchased Gogo stock or securities between February 27, 2017 and May 7, 2018, and you wish to discuss this investigation, please contact attorney Joe Pettigrew at (844) 818-6982, or at firstname.lastname@example.org. Investors have until August 27, 2018, to move for lead plaintiff.
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.