The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of investors who purchased Chegg, Inc. (NYSE: CHGG) common stock between May 5, 2020 and November 1, 2021.
According to the Chegg lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) Chegg’s increase in subscribers, growth, and revenue had been a temporary effect of the COVID-19 pandemic that resulted in remote education for the vast majority of United States students and once the pandemic-related restrictions eased and students returned to campuses nationwide, Chegg’s extraordinary growth trends would end; (ii) Chegg’s subscriber and revenue growth were largely due to the facilitation of remote education cheating – an unstable business proposition – rather than the strength of its business model or the acumen of its senior executives and directors; and (iii) as a result, the Company’s current business metrics and financial prospects were not as strong as it had led the market to believe during the Class Period.
If you suffered a loss in Chegg you have until February 22, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn\’t require that you serve as a lead plaintiff.
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