NEW YORK, NY / ACCESSWIRE / September 27, 2024 / Pomerantz LLP is investigating claims on behalf of investors of Chegg, Inc. ("Chegg" or the "Company") (NYSE:CHGG). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Chegg and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On August 5, 2024, Chegg issued a press release reporting its second quarter financial results. Among other items, Chegg reported that it completed an impairment test on its goodwill and assets, which resulted in $481.5 million of non-cash impairment charges. Those charges, in turn, impacted its second quarter income tax provision and triggered the necessity of a $141.6 million non-cash valuation allowance.
On this news, Chegg's stock price fell $0.65 per share, or 22.18%, to close at $2.28 per share on August 6, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP