{"id":754358,"date":"2023-05-03T09:50:46","date_gmt":"2023-05-03T13:50:46","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/chgg-alert-monsey-law-firm-of-wohl-fruchter-llp-investigating-chegg-inc-for-potential-securities-law-violations\/"},"modified":"2023-05-03T09:50:46","modified_gmt":"2023-05-03T13:50:46","slug":"chgg-alert-monsey-law-firm-of-wohl-fruchter-llp-investigating-chegg-inc-for-potential-securities-law-violations","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/chgg-alert-monsey-law-firm-of-wohl-fruchter-llp-investigating-chegg-inc-for-potential-securities-law-violations\/","title":{"rendered":"CHGG Alert: Monsey Law Firm of Wohl &amp; Fruchter LLP Investigating Chegg, Inc. for Potential Securities Law Violations"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"start\">MONSEY, N.Y., May  03, 2023  (GLOBE NEWSWIRE) &#8212; The law firm of Wohl &amp; Fruchter LLP is investigating whether Chegg, Inc. (NYSE: CHGG) (\u201cChegg\u201d) has violated federal securities laws based on its disclosure on May 1, 2023, that the popular AI chatbot, ChatGPT is \u201chaving an impact on our new customer growth.\u201d<\/p>\n<p align=\"start\">If you suffered losses as a result of yesterday\u2019s drop in the price of Chegg stock, and have questions about your legal rights, please contact us at the following link to discuss your options at no charge:<\/p>\n<p align=\"start\">\n        <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=WfEcNQ1zlmvY705Zsrw0h8vn05zR45CHHYt4nDWvYGwh-TE42OnXK_4clGLBoLkmYgTrS0CdKl63NbgTLcQFvaxkGPdtjWqVCS8TUtCRWSINzAnQy3PJFv2Gznh7prYx\" rel=\"nofollow noopener\" target=\"_blank\"><br \/>\n          <u>https:\/\/wohlfruchter.com\/cases\/chegg\/<\/u><br \/>\n        <\/a>\n      <\/p>\n<p align=\"start\">Alternatively, you may contact us by phone at 866-833-6245, or via email at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=BOy3xi6UbFa4SpNg8V_Vy631O7T5K7dGxKO20vTBKCA7grXRzQ5kbZIa7_LV9S8NaT6AjI8VL40vz-okwR4N9nt69619N3xoyWSpmmtni0E=\" rel=\"nofollow noopener\" target=\"_blank\"><u>alerts@wohlfruchter.com<\/u><\/a>.<\/p>\n<p align=\"start\">\n        <strong>Why is there an investigation?<\/strong>\n      <\/p>\n<p align=\"start\">ChatGPT is an artificial intelligence (AI) chatbot that has garnered attention for its detailed and articulate responses to questions across many domains of knowledge.<\/p>\n<p align=\"start\">On February 6, 2023, after the markets closed, Chegg held a conference call to discuss its results for Q4 2022. During the call, an analyst asked Chegg CEO Dan Rosensweig whether, as a result of ChatGPT, Chegg was \u201cseeing any impact on [its] business in terms of new subscriber growth or returning subscribers.\u201d Rosensweig responded, \u201cNo. Nothing at all that is noticeable. And obviously, we&#8217;re going to track it, but we\u2019ve seen nothing.\u201d<\/p>\n<p align=\"start\">On April 17, 2023, Chegg announced the launch of CheggMate, a new AI enhanced learning service built on the most advanced model of ChatGPT (GPT-4). Chegg did not mention any impact that ChatGPT was having on new customer growth.<\/p>\n<p align=\"start\">On May 1, 2023, after the markets closed, Chegg held a conference call to discuss its results for Q1 2023. On the call, Rosensweig stated that \u201csince March, we saw a significant spike in student interest in ChatGPT. We now believe it\u2019s having an impact on our new customer growth.\u201d<\/p>\n<p align=\"start\">Following this revelation, on May 2, 2023, Chegg\u2019s stock price dropped 48.41% to close at $9.08, from a prior close of $17.60 on May 1, 2023.<\/p>\n<p align=\"start\">\n        <strong>About Wohl &amp; Fruchter <\/strong><br \/>\n        <br \/> Wohl &amp; Fruchter LLP, with offices in New York City and Monsey, has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Lx0WfPKkS7K_pytfFA6J49cMffB7BerzcL1BmKccdWqL80RLZYrwY3dCGuMsIBOgkgaDWDRz-b96gU9igMDYfoFLHtFDiDgu5jgA3sgPTos=\" rel=\"nofollow noopener\" target=\"_blank\"><u>www.wohlfruchter.com<\/u><\/a>, to learn more about our Firm, or contact one of our partners.<\/p>\n<p align=\"start\">\n        <strong>Contact:<\/strong><br \/>\n        <br \/> Wohl &amp; Fruchter LLP <br \/> Joshua E. Fruchter <br \/> Toll Free 866.833.6245 <br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=BOy3xi6UbFa4SpNg8V_Vy631O7T5K7dGxKO20vTBKCCvbO5j9DUit_LmbmnvNk16_8NlfpPiV7Dadmss-fK0SPhzcUhFIWSthvFxNU219-U=\" rel=\"nofollow noopener\" target=\"_blank\"><u>alerts@wohlfruchter.com<\/u><\/a><br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Lx0WfPKkS7K_pytfFA6J462yV85pU2a6y5lbJQqipXEX7wXEwkz2Y6_QOxO0rQSgkZe4G2pF6hQzJ5lv04lux411CG8oMoyDJg-92LG-FcQ=\" rel=\"nofollow noopener\" target=\"_blank\"><u>www.wohlfruchter.com<\/u><\/a><\/p>\n<p \/>\n      <img decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODgzMTA5MiM1NTcyNzU4IzIyMzMyNzc=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" src=\"https:\/\/ml.globenewswire.com\/media\/NWQ1ZjRjZTEtYjkyMi00YzQxLThiNmUtMjg5MjY4YTFiZGNhLTEyNDQ4MzA=\/tiny\/Wohl-Fruchter-LLP.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>MONSEY, N.Y., May 03, 2023 (GLOBE NEWSWIRE) &#8212; The law firm of Wohl &amp; Fruchter LLP is investigating whether Chegg, Inc. (NYSE: CHGG) (\u201cChegg\u201d) has violated federal securities laws based on its disclosure on May 1, 2023, that the popular AI chatbot, ChatGPT is \u201chaving an impact on our new customer growth.\u201d If you suffered losses as a result of yesterday\u2019s drop in the price of Chegg stock, and have questions about your legal rights, please contact us at the following link to discuss your options at no charge: https:\/\/wohlfruchter.com\/cases\/chegg\/ Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com. Why is there an investigation? ChatGPT is an artificial intelligence (AI) chatbot that has garnered attention &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/chgg-alert-monsey-law-firm-of-wohl-fruchter-llp-investigating-chegg-inc-for-potential-securities-law-violations\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;CHGG Alert: Monsey Law Firm of Wohl &amp; Fruchter LLP Investigating Chegg, Inc. for Potential Securities Law Violations&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-754358","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CHGG Alert: Monsey Law Firm of Wohl &amp; Fruchter LLP Investigating Chegg, Inc. for Potential Securities Law Violations - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/chgg-alert-monsey-law-firm-of-wohl-fruchter-llp-investigating-chegg-inc-for-potential-securities-law-violations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CHGG Alert: Monsey Law Firm of Wohl &amp; Fruchter LLP Investigating Chegg, Inc. for Potential Securities Law Violations - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"MONSEY, N.Y., May 03, 2023 (GLOBE NEWSWIRE) &#8212; The law firm of Wohl &amp; Fruchter LLP is investigating whether Chegg, Inc. (NYSE: CHGG) (\u201cChegg\u201d) has violated federal securities laws based on its disclosure on May 1, 2023, that the popular AI chatbot, ChatGPT is \u201chaving an impact on our new customer growth.\u201d If you suffered losses as a result of yesterday\u2019s drop in the price of Chegg stock, and have questions about your legal rights, please contact us at the following link to discuss your options at no charge: https:\/\/wohlfruchter.com\/cases\/chegg\/ Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com. Why is there an investigation? ChatGPT is an artificial intelligence (AI) chatbot that has garnered attention &hellip; Continue reading &quot;CHGG Alert: Monsey Law Firm of Wohl &amp; Fruchter LLP Investigating Chegg, Inc. for Potential Securities Law Violations&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/chgg-alert-monsey-law-firm-of-wohl-fruchter-llp-investigating-chegg-inc-for-potential-securities-law-violations\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-03T13:50:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODgzMTA5MiM1NTcyNzU4IzIyMzMyNzc=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/chgg-alert-monsey-law-firm-of-wohl-fruchter-llp-investigating-chegg-inc-for-potential-securities-law-violations\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/chgg-alert-monsey-law-firm-of-wohl-fruchter-llp-investigating-chegg-inc-for-potential-securities-law-violations\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"CHGG Alert: Monsey Law Firm of Wohl &amp; 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(NYSE: CHGG) (\u201cChegg\u201d) has violated federal securities laws based on its disclosure on May 1, 2023, that the popular AI chatbot, ChatGPT is \u201chaving an impact on our new customer growth.\u201d If you suffered losses as a result of yesterday\u2019s drop in the price of Chegg stock, and have questions about your legal rights, please contact us at the following link to discuss your options at no charge: https:\/\/wohlfruchter.com\/cases\/chegg\/ Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com. Why is there an investigation? 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