NEW ORLEANS, Aug. 17, 2018 (GLOBE NEWSWIRE) -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until August 27, 2018 to file lead plaintiff applications in a securities class action lawsuit against Gogo Inc. (NasdaqGS: GOGO), if they purchased the Company’s securities between February 27, 2017 and May 7, 2018, inclusive (the “Class Period”).  This action is pending in the United States District Court for the Northern District of Illinois.

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About the Lawsuit

Gogo and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws. 

On May 4, 2018, the Company disclosed disappointing  quarterly earnings results including that it would be unable to meet EBITDA profit guidance of $75M-$100M, 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.”  Then, on May 7, 2018, post-market, Moody’s announced a downgrade of the Company’s credit rating.

On this news, the price of Gogo’s shares plummeted.

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