Levi & Korsinsky, LLP announces that a CHGG class action lawsuit has been filed on behalf of investors who purchased Chegg, Inc. (CHGG) securities between May 5, 2020, and November 1, 2021. For more on the CHGG Lawsuit please contact us today.
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.
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
55 Broadway, 10th Floor
New York, NY 10006
Tel: (212) 363-7500
Fax: (212) 363-7171