Gogo secures preliminary court approval for derivative settlement with governance reforms

Gogo Inc.

Court granted preliminary approval of proposed derivative settlement on Feb 1, 2023; final hearing April 11, 2023.
Settlement requires Gogo to implement corporate governance reforms maintained for at least five years.
Attorneys' fees and expenses of $875,000 paid by Gogo's insurer to plaintiffs' counsel, subject to court approval.
Derivative actions alleged breach of fiduciary duties over misleading statements about 2Ku connectivity system.
Individual defendants deny wrongdoing; settlement includes dismissal with prejudice and release of claims.

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