Press release
Gogo Inc. (NASDAQ: GOGO) Investor Alert: Update in Lawsuit
A lawsuit is pending for certain investors in Gogo Inc. (NASDAQ: GOGO) shares over alleged securities laws violations.
Investors who purchased shares of Gogo Inc. (NASDAQ: GOGO) have certain options and
should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On May 4, 2018, Gogo Inc. announced its first quarter 2018 financial results,
disclosing 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 June 27, 2018, a lawsuit was filed against Gogo Inc over alleged securities laws violations. The plaintiff claimed that between February 27, 2017 and May 7, 2018, the defendants made false and/or misleading statements and/or failed to disclose that Gogo’s 2Ku antenna had more reliability issues than the public was led to believe, that 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, that consequently, Gogo would not be able to meet its previously issued 2018 guidance, and that as a result, the company’s financial statements were materially false and misleading at all relevant times.
On December 10, 2018, an amended Complaint was filed and on February 8, 2019, the Defendants filed a Motion to Dismiss the amended Complaint.
On October 16, 2019, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint.
On December 20, a second amended Complaint and on July 22, 2020 a third amended Complaint were filed. The defendants filed a Motion to Dismiss the third amended Complaint on September 21, 2020.
On April 26, 2021, the Court issued an Order Denying Defendants' Motion to Dismiss.
Those who purchased shares of Gogo Inc. (NASDAQ: GOGO) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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