The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Chegg, Inc. (“Chegg” or “the Company”) (NYSE: CHGG) violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. During a February conference call with investors, Chegg claimed it had not seen any impact on its business caused by ChatGPT. But in a conference call held May 1, 2023, the Company’s CEO said, “since March, we saw a significant spike in student interest in ChatGPT. We now believe it’s having an impact on our new customer growth.” Based on this news, shares of Chegg fell by more than 48.4% on May 2, 2023.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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