RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Gogo, Inc. (“Gogo” or the “Company”) (NASDAQ: GOGO) securities between February 4, 2016 to July 27, 2017, inclusive (the “Class Period”).
Gogo shareholders may, no later than August 27, 2018, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Gogo and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
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.
If you are a member of the class, you may, no later than August 27, 2018, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.