Gogo shares just fell off a cliff after American Airlines filed a lawsuit

Gogo possibly being dropped by American Airlines

American Airlines has just filed a lawsuit to terminate its contract with in-flight internet service provider Gogo.

According to the Fort Worth Star-Telegram, American Airlines wants to either terminate or renegotiate its agreement if the airline is able to find a better internet service with another provider.

Shares at Gogo plummeted by nearly 40% on news of the lawsuit.

Gogo Internet shares plummet

12 airlines currently use Gogo internet service: American Airlines, Air Canada, AirTran Airways, Alaska Airlines, Delta Air Lines, Japan Airlines, United Airlines, US Airways, Vietnam Airlines, Virgin America and Virgin Atlantic.

According to Gogo, over 2,100 commercial aircraft and 6,600 business aircraft have been equipped with its onboard Wi-Fi services.

No further details are available at this time.