NEW YORK, July 02, 2018 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Gogo Inc. (“Gogo” or the “Company”) (NASDAQ: GOGO ) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Gogo securities between February 27, 2017 and May 7, 2018 (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/gogo .
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
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.
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.
Then on May 8, 2018, Moody's lowered Gogo’s credit ratings. Following this news, Gogo stock dropped roughly 36% to close at $5.06 per share on May 8, 2018.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/gogo or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Gogo you have until August 27, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact: Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | info@bgandg.com
