CHEGG INC.: Berger Montague Investigates Securities Fraud Allegations Against Chegg, Inc. (NYSE: CHGG); Lead Plaintiff Deadline is February 22, 2022
PHILADELPHIA, February 3, 2022 – Berger Montague is investigating securities fraud allegations on behalf of investors who purchased the securities of Chegg, Inc. (“Chegg” or the “Company”) (NYSE: CHGG) between May 5, 2020 and November 1, 2021 (the “Class Period”).
If you purchased Chegg securities during the Class Period, would like to discuss Berger Montague’s investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at [email protected] or (215) 875-3015, or Michael Dell’Angelo at [email protected] or (215) 875-3080.
Whistleblowers: Anyone with non-public information regarding Chegg is encouraged to confidentially assist Berger Montague’s investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Chegg is a Santa Clara, California-based provider of online research tools and tutoring services. According to a recently filed lawsuit, the Company falsely touted its “unique position” to affect the future of higher education, its “strong brand and momentum” which could enable Chegg to “continue to grow and take advantage of the ever-expanding opportunities.” The suit accuses defendants of making these statements knowing that its growth was temporary and attributable to Covid-19.
On November 1, 2021, Chegg released its financial results for the first quarter during which students had returned to in-person learning after an extended period of remote education. Chegg announced fewer-than-expected enrollments and declined to provide guidance for fiscal 2022. Moreover, Chegg’s CEO admitted to having been aware of the slowdown in September 2021. On this news, Chegg’s stock price fell $30.64 – nearly 50% – to close at $32.12 per share on November 2.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.