Court Overturns $22.7M Damages Award Against Gogo in SmartSky Case
GOGO is trading near its 52-week low of $2.07 (2.7% above the low) on light trading volume (0.1× avg).
Summary
The Delaware district court threw out the entire $22.7 million jury award against Gogo in the SmartSky patent litigation, finding SmartSky failed to prove recoverable damages. The court also denied enhanced damages, ongoing royalties, and interest. This removes a significant financial overhang for a company trading near its 52-week low and already facing revenue and guidance cuts. The ruling is subject to appeal, so final resolution isn't certain, but the immediate liability is gone. Gogo can now refocus on its core connectivity business without this litigation distraction.
At the time of this announcement, GOGO was trading at $2.13 on NASDAQ in the Technology sector, with a market capitalization of approximately $288M. The 52-week trading range was $2.07 to $9.93. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.