NEW YORK, June 26, 2018 /PRNewswire/ — Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national shareholder and consumer rights litigation firm, is investigating whether Gogo Inc. (“Gogo” or the “Company”) (NASDAQ: GOGO) or certain of its officers and directors violated federal securities laws. If you purchased Gogo common stock between February 27, 2017 and May 8, 2018, you are encouraged to contact a Scott+Scott attorney at (844) 818-6982 for more information.
Gogo is a global provider of broadband connectivity products and services for aviation.
This investigation concerns whether certain of Gogo’s filings with the U.S. Securities and Exchange Commission contained untrue statements of material fact or omitted material information, specifically regarding the Company’s financial guidance for 2018 and 2019.
On May 4, 2018, pre-market, Gogo announced its quarterly earnings results. The Company disclosed that it would not meet its earlier EBITDA profit guidance of $75M–$100M. The Company explicitly 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.”
On this news, the price Gogo stock fell from a close price of $9.59 on May 3, 2018, to a close price of $8.33 on May 4, 2018, a drop of 13%.
On May 8, 2018, Moody’s lowered the Company’s credit ratings across the board. On this news, Gogo stock fell from its close price of $7.86 on May 7, 2018, to a close price of $5.06 on May 8, 2018, a drop of nearly 36%.
The Company’s stock remains depressed, currently trading at $4.95 – 66% below its 52-week high of $14.76 in September 2017.
What You Can Do
If you purchased Gogo common stock between February 27, 2017 and May 8, 2018, and you wish to discuss this investigation, please contact attorney Joe Pettigrew at (844) 818-6982, or at [email protected], or visit the Gogo investigation page on our website at https://scott-scott.com/investigation/gogo-inc/.
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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]
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