RADNOR, Pa., Jan. 16, 2022 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP informs investors that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California against Chegg, Inc. (“Chegg”) (NYSE: CHGG). The action charges Chegg with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of Chegg’s materially misleading statements to the public, Chegg investors have suffered significant losses.

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CLICK HERE TO SUBMIT YOUR CHEGG LOSSES

LEAD PLAINTIFF DEADLINE: February 22, 2022

CLASS PERIOD: May 5, 2020 through November 1, 2021

CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
James Maro, Esq. (484) 270-1453 or Toll Free (844) 887-9500 or Email at info@ktmc.com

CHEGG’S ALLEGED MISCONDUCT
Chegg operates a direct-to-student learning platform. Chegg’s services include subscription services and required materials that comprise its print textbooks and eTextbooks.

The complaint alleges that, throughout the Class Period, defendants touted that Chegg was “in a unique position to impact the future of the higher education ecosystem” and that the primary cause of Chegg’s success was its “strong brand and momentum” which would allow Chegg “to continue to grow and take advantage of the ever-expanding opportunities in the learner economy.”

The truth was revealed on November 1, 2021, when Chegg reported its financial results revealing fewer-than-expected enrollments while failing to provide 2022 guidance. In addressing these concerns, CEO Dan Rosensweig stated, “a combination of variants, increased employment opportunities and compensation, along with fatigue, have all led to significantly fewer enrollments than expected this semester. And those students who have enrolled are taking fewer and less rigorous classes and are receiving less graded assignments.”   Following this news, shares of Chegg plunged nearly 50% on November 2, 2021.

WHAT CAN I DO?
Chegg investors may, no later than February 22, 2022, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Chegg investors who have suffered significant losses to contact the firm directly to acquire more information.

CLICK HERE TO SIGN UP FOR THE CASE

WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation.  The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.

ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP     
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. At the end of the day, we have succeeded if the bad guys pay up, and if you recover your assets.   The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.

CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)
info@ktmc.com

A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a9a614bb-7f55-4b33-abf3-401bbcc9e75e