On Wednesday, October 16, a federal district court judge in Chicago dismissed a proposed shareholder class action against our client, Gogo Inc., after the court found that the investors did not allege sufficient enough facts to support their securities fraud claims. Gogo's shareholders had alleged that Gogo made misstatements regarding the performance of its 2Ku aircraft Wi-Fi system, which malfunctioned when de-icing fluid leaked onto the 2Ku hardware. The revelation of this issue in May 2018 prompted Gogo's stock price to fall.
NGE and co-counsel Shearman & Sterling successfully defended Gogo from the allegations as U.S. District Judge Jorge Alonso ruled that the shareholders' arguments were too vague at this point to conclude that Gogo purposely concealed performance problems. The NGE team consisted of Jonathan Quinn and Andrew May.
Read more about this decision from Bloomberg Law and Law360.