NEW YORK, Oct. 05, 2018 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Chegg, Inc. (“Chegg” or the “Company”) (NYSE: CHGG) in the United States District Court for the Northern District of California on behalf of a class consisting of investors who purchased or otherwise acquired Chegg securities between July 30, 2018 through September 25, 2018, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.
The Complaint alleges that Defendants failed to disclose to investors: (1) that the company lacked adequate security measures to protect users' data; (2) that the company lacked the internal controls and procedures to detect unauthorized access to its systems and to its data; (3) that as a result, the company would incur additional expenses and litigation risks; and (4) that, as a result of the foregoing, defendant’s positive statements about the company’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the November 26, 2018 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.