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.
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File A Claim Form |
The deadline to file a Claim has passed. |
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Exclude Yourself From The Settlement Class |
The deadline to exclude yourself from the Settlement Class has passed. |
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Object To The Settlement |
The deadline to object has passed. |
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Settlement Hearing |
The Settlement Hearing took place on August 30, 2022 |
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