Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Gogo Inc. (NASDAQ:GOGO) in connection to alleged violations of securities laws by GOGO. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Gogo Inc. from February 27, 2017 until May 7, 2018.
The class action complaint specifically alleges that during the period in question, GOGO might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, namely: that the company’s 2Ku antenna was experiencing a greater number of reliability issues than had been previously represented to the public; that the antennas needed expensive installation and remediation challenges, or they otherwise needed to be replaced as a result of infiltration by aircraft deicing fluids and other concerns relating to the antennas’ manufacturing and software; that as a result of the foregoing, the company would not meet its previously issued guidance for 2018; and that consequently the company’s financial statements during the relevant period were false and misleading. The complaint alleges that when true details emerged, investors suffered losses.
According to the company’s website, Gogo Inc. is “the leading global provider of in-flight broadband connectivity and connectivity-enabled services to commercial and business aviation.” It provides aircraft operates with internet services for passengers and crew, servicing more than 3,000 commercial aircraft and 4,200 buesiness aircraft, according to its description, which states that the company also has obtained “awards to install our latest generation global satellite solution, 2Ku, on approximately 1,500 commercial aircraft (of which approximately 130 have been installed).” The company trades on the Nasdaq exchange under the symbol GOGO.