The information contained on this web page is only a summary of
information presented in more detail in the Notice of (I) Pendency of Class
Action, Certification of Settlement Class, and Proposed Settlement; (II)
Settlement Hearing; and (III) Motion for an Award of Attorneys’ Fees and
Reimbursement of Litigation Expenses (the “Notice”), which you can access by clicking
here. Since
this website is just a summary, you should review the Notice for additional
information. The meaning of certain
capitalized terms used on this Settlement Website may be found in paragraph 1
of the Stipulation and Agreement of Settlement, which you can access by
clicking here.
If you are a Settlement Class
Member, your legal rights will be affected by this Settlement whether you act
or do not act.
Please read
the Notice carefully
IF
YOU PURCHASED OR OTHERWISE ACQUIRED GOGO COMMON STOCK, AND/OR GOGO CONVERTIBLE
NOTES, AND/OR GOGO SENIOR SECURED NOTES, AND/OR GOGO CALL OPTIONS, AND/OR WROTE
GOGO PUT OPTIONS, DURING THE PERIOD FROM FEBRUARY 27, 2017 THROUGH MAY 4, 2018,
INCLUSIVE, AND WERE DAMAGED THEREBY, YOU MAY BE ENTITLED TO A PAYMENT FROM A
CLASS ACTION SETTLEMENT.
|
YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT:
|
|
SUBMIT
A CLAIM FORM ONLINE OR POSTMARKED NO LATER THAN SEPTEMBER 29, 2022.
|
This is
the only way to be eligible to receive a payment from the Settlement
Fund. If you are a Settlement Class
Member and you remain in the Settlement Class, you will be bound by the
Settlement as approved by the Court and you will give up any Released
Plaintiff’s Claims (defined in ¶ 34
of the Notice) that you have against Defendants’ Releasees (defined in
¶ 35 of the Notice), so
it is in your interest to submit a Claim Form.
|
|
EXCLUDE
YOURSELF FROM THE SETTLEMENT CLASS BY SUBMITTING A WRITTEN REQUEST FOR
EXCLUSION SO THAT IT IS RECEIVED NO
LATER THAN AUGUST 9, 2022.
|
If you
exclude yourself from the Settlement Class, you will not be eligible to
receive any payment from the Settlement Fund.
This is the only option that allows you ever to be part of any other
lawsuit against any of the Defendants’ Releasees concerning the Released
Plaintiff’s Claims.
|
|
OBJECT TO THE
SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN AUGUST 9, 2022.
|
If you
do not like the proposed Settlement, the proposed Plan of Allocation, or the
request for attorneys’ fees and reimbursement of Litigation Expenses, you may
write to the Court and explain why you do not like them. You cannot object to the Settlement, the
Plan of Allocation or the fee and expense request unless you are a Settlement
Class Member and do not exclude yourself from the Settlement Class.
|
|
ATTEND A
HEARING ON AUGUST 30, 2022 AT 11:00 A.M., AND FILE A NOTICE OF INTENTION TO
APPEAR SO THAT IT IS RECEIVED NO
LATER THAN AUGUST 9, 2022.
|
Filing
a written objection and notice of intention to appear by August 9, 2022
allows you to speak in Court, at the discretion of the Court, about the
fairness of the proposed Settlement, the Plan of Allocation, and/or the
request for attorneys’ fees and reimbursement of Litigation Expenses. If you submit a written objection, you may
(but you do not have to) attend the hearing and, at the discretion of the
Court, speak to the Court about your objection.
|
|
DO NOTHING.
|
If you
are a member of the Settlement Class and you do not submit a valid Claim
Form, you will not be eligible to receive any payment from the Settlement
Fund. You will, however, remain a
member of the Settlement Class, which means that you give up your right to
sue about the claims that are resolved by the Settlement and you will be
bound by any judgments or orders entered by the Court in the Action.
|
The Settlement Hearing
The Settlement Hearing will be held by videoconference on
August 30, 2022, at 11:00 a.m., before the Honorable Jorge L. Alonso at the
following call-in number: 872-703-5321 with access code: 349518911. The Court reserves the right to approve the
Settlement, the Plan of Allocation, Lead Counsel’s motion for an award of
attorneys’ fees and reimbursement of Litigation Expenses, and/or any other
matter related to the Settlement at or after the Settlement Hearing without further
notice to the members of the Settlement Class.
What is this case
about?
Lead
Plaintiff alleged, among other things, that defendants Gogo, Michael J. Small,
Norman Smagley, Barry Rowan, and John Wade (collectively, “Defendants”)
violated the federal securities laws by making false and misleading statements
about Gogo’s “2Ku global satellite system” or “2Ku,” based on allegations that
2Ku was suffering from a significant product design defect—de-icing fluid used
on the exterior of the planes was making 2Ku’s inoperable. The Third Amended Complaint further alleged
that the prices of Gogo’s publicly traded securities were artificially inflated
as a result of Defendants’ allegedly false and misleading statements, and
declined when the truth was revealed.
Defendants have denied
the claims asserted against them in the Action and deny having engaged in any
wrongdoing or violation of law of any kind whatsoever. Defendants have agreed to the Settlement
solely to eliminate the burden and expense of continued litigation. Accordingly, the Settlement may not be
construed as an admission of any wrongdoing by Defendants.
The Settlement Benefits
At
this time, it is not possible to make any determination as to how much any
individual Settlement Class member may receive from the Settlement.
Pursuant
to the Settlement, Defendants have agreed to a $17,300,000 Settlement. If the
Settlement is approved by the Court, the Net Settlement Fund (the Settlement
Fund less any Taxes, Notice and Administration Costs, Litigation Expenses
awarded by the Court, and attorneys’ fees awarded by the Court) will be
distributed to Settlement Class Members who submit valid Claim Forms in
accordance with the proposed Plan of Allocation.
The
Net Settlement Fund will not be distributed unless and until the Court has
approved the Settlement and a Plan of Allocation, and the time for any petition
for rehearing, appeal or review has expired.
Further Information:
This
website and the Notice summarize the Settlement. For more details
regarding this Settlement please reference the Stipulation and Agreement of
Settlement, or other documents filed in the case under the “Court Documents”
link on the left. You may also contact the Claims Administrator or Lead
Counsel for further information regarding this Settlement:
Claims Administrator:
Pierelouis
v. Gogo Inc.
Claims
Administrator
c/o
A.B. Data
P.O.
Box 173069
Milwaukee,
WI 53217
Phone:
(877) 316-0158
www.GogoSecuritiesLitigation.com
Lead Counsel:
Glancy
Prongay & Murray LLP
Casey
E. Sadler, Esq.
1925 Century Park East
Suite
2100
Los
Angeles, CA 90067
settlements@glancylaw.com
Levi
& Korsinsky LLP
Adam
M. Apton, Esq.
1101
30th Street NW
Suite
115
Washington,
DC 2007
aapton@zlk.com