SAN DIEGO, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Johnson Fistel, LLP is investigating potential claims on behalf of Chegg, Inc. ("Chegg" or the "Company") (NYSE: CHGG) against certain of its officers and directors.
If you are a current, long-term shareholder of Chegg stock you may have standing to hold Chegg harmless from the alleged harm caused by the Company's officers and directors by making them personally responsible. You may also be able to assist in reforming the Company's corporate governance to prevent future wrongdoing.
If you have continuously owned Chegg shares since before May 5, 2020, you can click or copy and paste the link below in a browser to join this action:
https://www.cognitoforms.com/JohnsonFistel/CheggInc3
What is Johnson Fistel investigating? A class action complaint was filed in 2021. The complaint alleged that Chegg, its Chief Executive Officer and Chief Financial Officer, and others with violations of the Securities Exchange Act of 1934. According to the complaint, the defendants made materially false and misleading statements and failed to disclose known adverse facts about Chegg's business, operations, and prospects, including 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 have continuously owned Chegg shares since before May 5, 2020, and are interested in learning more about the investigation, please contact lead analyst Jim Baker (jimb@johnsonfistel.com) at 619-814-4471. If emailing, please include a phone number.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. Johnson Fistel seeks to recover losses incurred due to violations of federal securities laws. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
