If you have losses from investing in Chegg, Inc (CHGG), please contact Silver Law Group today for a no-cost consultation about options to recover your losses at (800) 975-4345 or at ssilver@silverlaw.com.
Chegg, Inc. is an education technology company based in California that held its initial public offering (IPO) in 2013 and trades under the symbol CHGG.
The company’s stock has recently experienced a significant decline in its share price. After market close on November, 1, 2021, Chegg released disappointing earnings for the third quarter. The next day the stock closed down about 50% from the previous day. As of this writing, the stock trades at about $30 per share and has a market cap of $4.4 billion.
Pearson Education, a textbook publishing company, recently filed suit against Chegg alleging the company is infringing on Pearson’s copyright. The lawsuit was brought months after the end of a partnership between the two companies
Specifically, Pearson alleges that Chegg infringed on its copyright by selling answers to end-of-chapter questions included in Pearson textbooks. The answers are available to students via Chegg Study, an online subscription service that provides answers to homework.
Public Offering
In February, 2021 Chegg closed a public offering of 11,274,600 shares of common stock at $102 per share. 10,974,600 of the shares were sold by Chegg, and 300,000 shares were sold by Dan Rosenweig, Chegg’s co-chairperson of the board, president, and CEO.
Goldman Sachs & Co. LLC, Morgan Stanley, and Allen & Company LLC were the joint book-running managers for the offering, with Needham & Company, Craig-Halllum, William Blair, KeyBanc Capital Markets, Raymond James, Barrington Research, Berenburg, and Northland Capital Markets as co-managers.
Recover Chegg, Inc (CHGG) Investment Losses
Silver Law Group, a nationally-recognized law firm representing victims of securities and investment fraud, represents investors in class action lawsuits against issuers in federal and state court as well as investors in securities arbitration claims against brokerage firms for stockbroker misconduct.
Scott Silver, Silver Law Group’s managing partner, is the chairman of the Securities and Financial Fraud Group of the American Association of Justice. Contact us today for a consultation at ssilver@silverlaw.com or call (800) 975-4345.