SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Chegg, Inc. - CHGG
NEW YORK, May 19, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Chegg, Inc. ("Chegg" or the "Company") (NASDAQ: CHGG). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Chegg and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On February 6, 2023, after the markets closed, Chegg held a conference call to discuss its results for the fourth quarter of 2022. During the call, an analyst asked Chief Executive Officer Dan Rosensweig whether, as a result of ChatGPT, Chegg was "seeing any impact on [its] business in terms of new subscriber growth or returning subscribers." Rosensweig responded, "No. Nothing at all that is noticeable. And obviously, we're going to track it, but we've seen nothing."
Then, on April 17, 2023, Chegg announced the launch of CheggMate, a new AI-enhanced learning service build on the most advanced model of ChatGPT (GPT-4).
Then, on May 1, 2023, Chegg held a conference call to discuss its results for the first quarter of 2023. On the call, Rosensweig stated that "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."
On this news, Chegg's stock price fell $8.52 per share, or 48.41%, to close at $9.08 per share on May 2, 2023.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, London, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
SOURCE Pomerantz LLP
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