Chegg, Inc. Investigation - CHGG
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Robbins Geller Rudman & Dowd LLP has launched an investigation into potential violations of U.S. federal securities laws by Chegg, Inc. (NYSE: CHGG) focused on whether Chegg and certain of its top executive officers made false and misleading statements and/or failed to disclose material information to investors.
If you have information that could assist in this investigation or if you are a Chegg investor who suffered a loss and would like to learn more, you can provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at firstname.lastname@example.org.
THE COMPANY: Chegg is an education technology company that provides homework help, digital and physical textbook rentals, textbooks, online tutoring, and other student services.
THE REVELATION: On May 1, 2023, Chegg CEO Dan Rosensweig revealed that “since March [Chegg] saw a significant spike in student interest in ChatGPT,” the artificial intelligence chatbot developed by OpenAI. Rosensweig further disclosed that “[w]e now believe [ChatGPT is] having an impact on our new customer growth rate.” Chegg further announced that it was suspending its full-year outlook due to uncertainty of the impact on results. Following the announcement, the price of Chegg stock declined more than 48%.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.