|Company Name||Gogo Inc.|
On May 4, 2018, Gogo announced its first quarter 2018 financial results, stating that it was “withdrawing its previously provided 2018 guidance for Adjusted EBITDA, airborne Cash CAPEX, and airborne equipment inventory purchases related to airline-directed installations, as well as Free Cash Flow guidance.” On this news, shares of Gogo fell $1.73 or 18% to close at $7.86 per share on May 7, 2018.
Then, on May 7, 2018, Moody’s reduced Gogo’s credit ratings. On this news, shares of Gogo fell $2.80 or over 35% to close at $5.06 per share on May 8, 2018, thereby injuring investors.
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