NEW YORK, June 28, 2018 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Gogo, Inc. (“Gogo” or the “Company”) (NASDAQ:GOGO) of the August 27, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in Gogo stock or options between February 27, 2017 and May 7, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/GOGO.  There is no cost or obligation to you.

You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. 

CONTACT:
FARUQI & FARUQI, LLP
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New York, NY 10017
Attn:  Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330

The lawsuit has been filed in the U.S. District Court for the Northern District of Illinois on behalf of all those who purchased Gogo securities between February 27, 2017 and May 7, 2018 (the “Class Period”).  The case, Pierrelouis v. Gogo Inc. et al, No. 18-cv-04473 was filed on June 27, 2018, and has been assigned to Jorge Luis Alonso.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing 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.

Specifically, on May 4, 2018, Gogo held a conference call to discuss its first quarter of 2018 earnings. On the call, Gogo executives addressed the deicing issues in the 2Ku installation and identified that the major causes of deicing fluid getting into the antenna raceways pertained to manufacturing and software issues, which the Company stated it fixed. On the same day, Gogo also issued a press release in which it stated that it was withdrawing its previously provided 2018 guidance for Adjusted EBITDA, airborne Cash CAPEX, airborne equipment inventory purchases related to airline-directed installations, and Free Cash Flow.

On this news, the Company’s stock fell from $8.33 on May 4, 2018 to $7.86 on May 7, 2018—a $.47 or 5.64% drop.

Then, on May 7, 2018, after the market closed, Moody’s downgraded Gogo’s credit rating, reflecting an “expectation that operating metrics” would “remain weak in 2018.”

On this news, the Company’s stock fell from $7.86 on May 7, 2018 to $5.06 on May 8, 2018—a $2.80 or 35.62% drop.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. 

Faruqi & Faruqi, LLP also encourages anyone with information regarding Gogo’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

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