COMPANY |
Gogo Inc. |
COURT |
United States District Court for the Northern District of Illinois |
CASE NUMBER |
18-cv-04473 |
JUDGE |
The Hon. Jorge Luis Alonso |
CLASS PERIOD |
February 27, 2017 - May 4, 2018 |
SECURITY TYPE |
All Securities |
Case Background:
On June 27, 2018, the initial complaint in this securities class action was filed against Gogo Inc. (“Gogo” or the “Company”), and certain of Gogo’s directors and officers, asserting violations of sections 10(b) and 20(a) of the Securities Exchange Act.
The complaint alleges that throughout the class period, the 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.
This securities class action lawsuit was brought on behalf of those who purchased or otherwise acquired Gogo publicly traded securities between February 27, 2017 and May 4, 2018, inclusive.
Current Status of Case:
The lead plaintiff filed a third amended complaint on July 22, 2020. The defendants filed a motion to dismiss the third amended complaint on September 21, 2020. The motion to dismiss is currently being briefed by the parties. This action is still ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.