The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Chegg, Inc. (NYSE: CHGG) who purchased shares between July 30, 2018 and September 25, 2018. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.
(1) the Company lacked adequate security measures to protect users’ data; (2) the Company lacked the internal controls and procedures to detect unauthorized access to its systems and to its data; (3) as a result, the Company would incur additional expenses and litigation risks; and (4) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.
Shareholders have until November 26, 2018 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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