BENSALEM, Pa--(BUSINESS WIRE)--Law Offices of Howard G. Smith 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.
Investors that suffered losses on their Gogo investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 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.
If you purchased shares of Gogo during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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