WILMINGTON, Del.–(BUSINESS WIRE)–Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Chegg, Inc. (NYSE: CHGG)?
- Did you purchase your shares between July 30, 2018 and September
25, 2018, inclusive?
- Did you lose money in your investment?
& Long, P.A. announces that a complaint has been filed in the
United States District Court for the Northern District of California on
behalf of all persons or entities that purchased the common stock of
Chegg, Inc. (“Chegg” or the “Company”) (NYSE: CHGG)
between July 30, 2018 and September 25, 2018, inclusive (the “Class
Period”), alleging violations of the Securities Exchange Act of 1934
against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Chegg during the Class Period, or purchased
shares prior to the Class Period and still
hold Chegg, and wish to discuss this action or have any questions
concerning this notice or your rights or interests, please contact Seth
D. Rigrodsky or Timothy J. MacFall at Rigrodsky & Long, P.A., 300
Delaware Avenue, Suite 1220, Wilmington, Delaware 19801, by telephone at
(888) 969-4242, or by e-mail at firstname.lastname@example.org.
The Complaint alleges that throughout the Class Period, defendants made
materially false and misleading statements, and omitted materially
adverse facts, about the Company’s business, operations and prospects.
Specifically, the Complaint alleges that the defendants concealed from
the investing public that: (1) the Company lacked adequate security
measures to protect users’ data; (2) the Company lacked the internal
controls and procedures to detect unauthorized access to its systems and
to its data; (3) as a result, the Company would incur additional
expenses and litigation risks; and (4) as a result of the foregoing,
Defendants’ positive statements about the Company’s business,
operations, and prospects were materially false and/or misleading and/or
lacked a reasonable basis.. As a result of defendants’ alleged false and
misleading statements, the Company’s stock traded at artificially
inflated prices during the Class Period.
According to the Complaint, on September 25, 2018, Chegg reported that
it had “learned that on or around April 29, 2018, an unauthorized party
gained access to a Company database that hosts user data for chegg.com
and certain of the Company’s family of brands such as EasyBib.” The
Company reported that approximately 40 million users’ data, including
username, email address, shipping address, and hashed password, could
have been obtained and that an investigation into the incident was
On this news, shares of Chegg declined over 12%, closing at $28.42 per
share on September 26, 2018, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later
than November 26, 2018. A lead plaintiff is a representative
party acting on behalf of other class members in directing the
litigation. Any member of the proposed class may move the court to serve
as lead plaintiff through counsel of their choice, or may choose to do
nothing and remain an absent class member.
Attorney advertising. Prior results do not guarantee a similar outcome.