Gogo Inc. (GOGO) Alert: Shareholder Class Action Survives Motion to Dismiss; Should Management be Held Accountable for Investors Losses? Contact Johnson Fistel
SAN DIEGO, April 29, 2021 /PRNewswire/ -- Johnson Fistel, LLP is investigating potential claims on behalf of Gogo Inc. (the "Company" or "Gogo") (NASDAQ: GOGO) against certain of its officers. On April 26, 2021, Judge Jorge L. Alonso denied a motion to dismiss a class action lawsuit pending in the United States District Court for the Northern District of Illinois against Gogo and certain of its officers.
According to the lawsuit, between February 27, 2017 through May 7, 2018, defendants—Gogo and several of its executives—made certain false and misleading public statements about the reliability of Gogo's in-flight internet connectivity services and its impact on Gogo's financial picture. Specifically, the class action lawsuit alleges that Gogo installed its new "2Ku" antenna-and-satellite-based in-flight wifi systems on numerous partner airplanes before and during the class period despite, according to the class action complaint, that defendants knew that the 2Ku systems sometimes did not work after the airplanes had been sprayed with deicing fluid. Thus, the class action lawsuit alleges, defendants knew that Gogo would be unable to hit its service availability targets during periods of winter weather unless it made costly modifications to its 2Ku systems, which would hurt the company's financial performance. The deicing issue, according to the class action lawsuit, was concealed by defendants from investors for months, and even after disclosing it in February 2018, according to the class action lawsuit, defendants still concealed the seriousness of the issue. It was not until May 2018, according to the class action lawsuit, that Gogo's new CEO finally disclosed the extent of the problem. According to the class action lawsuit, the May 2018 disclosure caused Gogo's allegedly artificially inflated stock price to plummet, damaging investors.
If you are a current, long-term shareholder of Gogo holding shares since before February 27, 2017, you may have standing to hold Gogo harmless from the alleged harm caused by the Company's executives by making them personally responsible. You may also be able to assist in reforming the Company's corporate governance to prevent future wrongdoing.
If you are interested in learning more about the investigation, please contact lead analyst Jim Baker ([email protected]) at 619-814-4471. If emailing, please include a phone number.
Additionally, if you have continuously owned Gogo's shares since before February 27, 2017, you can [Click here to join this action]. There is no cost or obligation to you.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
[email protected]
If you have continuously owned Gogo's shares since before February 27, 2017, you can [Click here to join this action]. There is no cost or obligation to you.
SOURCE Johnson Fistel, LLP
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