Boston, Massachusetts--(Newsfile Corp. - February 3, 2022) - The Thornton Law Firm reminds investors that a class action lawsuit has been filed on behalf of investors of Chegg, Inc. (NYSE: CHGG). The case is currently in the lead plaintiff stage. Investors who purchased Chegg common stock between May 5, 2020 and November 1, 2021 may contact the Thornton Law Firm's investor protection team by visiting www.tenlaw.com/cases/Chegg for more information. Investors may also email investors@tenlaw.com or call 617-531-3917.
FOR MORE INFORMATION: www.tenlaw.com/cases/Chegg
The case alleges that Chegg and its senior executives made misleading statements to investors and 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 U.S. students and once the pandemic-related restrictions eased and students returned to campuses nationwide, Chegg's extraordinary growth trends would end; and (ii) Chegg's subscriber and revenue growth were largely due to the facilitation of cheating - an unstable business proposition - rather than the strength of its business model or the acumen of its senior executives and directors. The complaint alleges that on November 1, 2021, after the close of trading, the price of Chegg stock dropped nearly 50% per share.
Interested Chegg investors have until February 22, 2022 to retain counsel and apply to be a lead plaintiff if they are interested to do so. A lead plaintiff acts on behalf of all other investor class members in managing the class action. Investors do not need to be a lead plaintiff in order to be a class member. If investors choose to take no action, they can remain an absent class member. The class has not yet been certified. Until certification occurs, investors are not represented by an attorney. Thornton Law Firm is not currently representing a plaintiff who filed a complaint but is investigating the case on behalf of investors interested in being a lead plaintiff.
FOR MORE INFORMATION: www.tenlaw.com/cases/Chegg
Thornton Law Firm's securities attorneys are highly experienced in representing investors in recovering damages caused by violations of the securities laws. Its attorneys have established track records litigating securities cases in courts throughout the country and recovering losses on behalf of investors. This may be considered Attorney Advertising in some jurisdictions. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
CONTACT:
Thornton Law Firm LLP
1 Lincoln Street
State Street Financial Center
Boston, MA 02111
www.tenlaw.com/cases/Chegg
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/112683
