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CHEGG, INC. (NYSE: CHGG) SECURITIES FRAUD INVESTIGATION

Kessler Topaz Meltzer & Check, LLP is currently investigating potential violations of the federal securities laws on behalf of purchasers of Chegg, Inc. (NYSE:  CHGG) securities.

On May 1, 2023, during an earnings call after the market closed, Chegg’s CEO admitted that a “significant spike in student interest” in AI chatbot ChatGPT was starting to hurt Chegg’s sales. Specifically, Chegg’s CEO revealed that “in the first part of the year, we saw no noticeable impact from ChatGPT on our new account growth and we were meeting expectations on new sign-ups,” but 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 rate.”

Following this news, Chegg’s share price has dropped more than 40% during intraday trading. 

If you have any questions or would like to discuss this investigation, please contact Kessler Topaz Meltzer & Check, LLP:  Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com.  

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Purchase(s)
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Date
# of Shares
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