NEW YORK and CHICAGO, July 02, 2018 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that it has filed a federal securities class action lawsuit in the United States District Court for the Northern District of Illinois on behalf of all persons or entities that acquired securities of Gogo Inc. (NASDAQ:GOGO) from February 27, 2017 through May 7, 2018, both dates inclusive (“Class Period”).
Investors who have incurred losses in shares of Gogo Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the shares of Gogo Inc. you may, no later than August 27, 2018, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Gogo Inc.
According to the filed complaint, throughout the Class Period 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;
- 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;
- consequently, Gogo would not be able to meet its previously issued 2018 guidance; and
- as a result, the company’s financial statements were materially false and misleading at all relevant times.
On May 4, 2018, Gogo revealed its quarterly earnings results and said that it would not meet its earlier EBITDA profit guidance of $75M-$100M. Gogo then withdrew "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."
Following this news, Gogo stock dropped 13% to close at $8.33 per share on May 4, 2018.
Subsequently, on May 8, 2018, Moody's lowered Gogo’s credit ratings. Following this downgrade to Caa1, Gogo stock dropped 36% , to close at $5.06 per share on May 8, 2018.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
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Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774