NEW YORK, NY / ACCESSWIRE / November 15, 2018 / Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Chegg Inc. (''Chegg'' or the ''Company'') (NYSE: CHGG) on behalf of shareholders who purchased or otherwise acquired Chegg securities between July 30, 2018 and September 25, 2018, (the ''Class Period''). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/chgg.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Chegg lacked adequate security measures to protect users' data; (2) Chegg lacked the internal controls and procedures to detect unauthorized access to its systems and to its data; (3) consequently, 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.
On September 25, 2018, Chegg said that it had ''learned that on or around April 29, 2018, an unauthorized party gained access to a Company database that hosts user data for chegg.com and certain of the Company's family of brands such as EasyBib.'' Chegg also said that roughly 40 million users' data, including username, email address, shipping address, and hashed password, could have been stolen and that they are currently investigating the situation. Following this news, Chegg stock dropped over 12% to close at $28.42 on September 26, 2018.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/chgg or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Cheggyou have until November 26, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
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SOURCE: Bronstein, Gewirtz & Grossman, LLC