Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Northern District of California on behalf of shareholders of Chegg, Inc. who purchased shares between May 5, 2020 and November 1, 2021.
Chegg and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On November 1, 2021, the Company announced its third quarter financial results, the first quarter in which students returned to campus across the United States, disclosing fewer than expected online enrollments due to the Covid-19 pandemic and failed to provide guidance for 2022.
On this news, shares of Chegg fell nearly 50%.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until February 22, 2022 to request that the court appoint them lead plaintiff.