Scott+Scott Attorneys at Law LLP Reminds Investors of August 27 Lead Plaintiff Deadline in Securities Class Action Against Gogo Inc. (GOGO)
NEW YORK, Aug. 22, 2018 /PRNewswire/ -- Scott+Scott Attorneys at Law LLP ("Scott+Scott"), a national shareholder and consumer rights litigation firm, reminds investors that a class action lawsuit has been filed against Gogo Inc. ("Gogo" or the "Company") (NASDAQ: GOGO) and other defendants, related to alleged violations of federal securities laws. If you purchased Gogo stock between February 27, 2017 and May 7, 2018, you are encouraged to contact a Scott+Scott attorney at (844) 818-6982 for additional information. Investors have until August 27, 2018, to move for lead plaintiff.
Gogo's 2Ku system is an antenna and satellite-based system which provides additional bandwidth and improved speeds for WiFi on airplanes.
The lawsuit alleges that, during the class period, defendants made 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 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, pre-market, Gogo announced disappointing quarterly earnings results and addressed issues related to deicing. On this news, the price of Gogo stock fell $1.26 on May 4, a drop of 13%.
Then, on May 7, 2018, Moody's downgraded Gogo's credit ratings. On this news, Gogo stock fell $2.80 on May 8, 2018, a drop of nearly 36%.
As of market close on August 21, 2018, Gogo was trading at $4.54.
What You Can Do
If you purchased Gogo stock between February 27, 2017 and May 7, 2018, and you wish to discuss this investigation, please contact attorney Joe Pettigrew at (844) 818-6982, or at [email protected].
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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CONTACT:
Joe Pettigrew
Scott+Scott Attorneys at Law LLP
230 Park Ave, 17th Fl, NY, NY 10169
(844) 818-6982
[email protected]
SOURCE Scott+Scott Attorneys at Law LLP
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