The information contained on this web page is only a summary of information presented in more detail in the Notice of (I) Pendency of Class Action, Certification of Settlement Class, and Proposed Settlement and Plan of Allocation; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys’ Fees and Reimbursement of Litigation Expenses (the “Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional information.
If you are a Settlement Class Member, your legal rights will be affected by this Settlement whether you act or do not act.
Please read the Notice carefully.
SETTLEMENT CLASS: ALL PERSONS WHO PURCHASED, OR OTHERWISE ACQUIRED CHEGG COMMON STOCK BETWEEN MAY 5, 2020, AND NOVEMBER 1, 2021, INCLUSIVE, AND WHO WERE DAMAGED THEREBY
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SUBMIT A CLAIM FORM ONLINE, OR BY MAIL AND POSTMARKED, NO LATER THAN MARCH 31, 2025. |
This is the only way to be potentially eligible to receive a payment from the Settlement Fund. If you are a Settlement Class Member and you remain in the Settlement Class, you will be bound by the Settlement as approved by the Court and you will give up any Released Plaintiffs’ Claims (defined in paragraph 36 of the Notice) that you have against Defendants and the other Defendant Releasees (defined in paragraph 37 of the Notice), so it is in your interest to submit a Claim Form. You may submit a Claim Form and still object to any part of the Settlement. You cannot submit a Claim Form and exclude yourself. |
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EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION THAT IS RECEIVED NO LATER THAN MARCH 27, 2025. |
If you exclude yourself from the Settlement Class, you will not be eligible to receive any payment from the Settlement Fund. This is the only option that allows you ever to be part of any other lawsuit against any of the Defendants or the other Defendant Releasees concerning the Released Plaintiffs’ Claims. You cannot object to the proposed Settlement and cannot submit a Claim Form if you exclude yourself. |
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OBJECT TO THE SETTLEMENT BY FILING ELECTRONICALLY OR IN PERSON WITH THE COURT, OR BY MAILING TO THE COURT A WRITTEN OBJECTION POSTMARKED NO LATER THAN |
If you do not like the proposed Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and reimbursement of Litigation Expenses, you may write to the Court and explain why you do not like them. You cannot object to the Settlement, the Plan of Allocation or the fee and expense request unless you are a Settlement Class Member and do not exclude yourself from the Settlement Class. You do not need to submit a Claim Form to object. However, if you object, you must submit a Claim Form, as described above, by March 31, 2025, to be eligible to receive a cash payment from the Settlement Fund. The Court can only approve or deny the Settlement and cannot change the terms. |
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ATTEND A HEARING ON APRIL 24, 2025 AT 10:00 A.M., AND FILE A NOTICE OF INTENTION TO APPEAR NO LATER THAN |
Filing a written objection and notice of intention to appear by March 27, 2025, allows you at the Settlement Hearing on April 24, 2025, at 10:00 a.m., to speak in Court, at the discretion of the Court, about the fairness of the proposed Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and reimbursement of Litigation Expenses. If you submit a written objection, you may (but you do not have to) attend the hearing and, at the discretion of the Court, speak to the Court about your objection. |
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DO NOTHING. |
If you are a member of the Settlement Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund. You will, however, remain a member of the Settlement Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action. |
How do I know if I am part of the Settlement Class?
For the purposes of settlement, everyone who fits the following description is a Settlement Class Member. Please read Paragraph 26 of the Notice for exceptions to inclusion in the Settlement Class.
All persons who purchased, or otherwise acquired Chegg common stock between May 5, 2020, and November 1, 2021, inclusive, and who were damaged thereby.
How much will my payment be?
At this time, it is not possible to make a determination as to how much any individual Settlement Class Member may receive from the Settlement.
Pursuant to the Settlement, Defendants have agreed to cause the D&O Insurers to pay fifty-five million dollars ($55,000,000.00) in cash. The Settlement Amount will be deposited into an escrow account. The Settlement Amount plus any and all interest earned thereon is referred to as the “Settlement Fund.” If the Settlement is approved by the Court and the Effective Date occurs, the “Net Settlement Fund” (that is, the Settlement Fund less (a) all federal, state or local taxes on any income earned by the Settlement Fund and the reasonable costs incurred in connection with determining the amount of and paying taxes owed by the Settlement Fund (including reasonable expenses of tax attorneys and accountants); (b) the costs and expenses incurred in connection with providing notice to Settlement Class Members and administering the Settlement on behalf of Settlement Class Members; (c) any attorneys’ fees and Litigation Expenses awarded by the Court; and (d) other Court-approved deductions) will be distributed to Settlement Class Members who submit valid Claim Forms, in accordance with the proposed Plan of Allocation or such other plan of allocation as the Court may approve.
The Net Settlement Fund will not be distributed unless and until the Court has approved the Settlement and a plan of allocation, and the time for any petition for rehearing, appeal, or review, whether by certiorari or otherwise, has expired.
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The Settlement Hearing
The Settlement Hearing will be held on April 24, 2025, at 10:00 a.m., before the Honorable P. Casey Pitts at the United States District Court for the Northern District of California, Robert F. Peckham Federal Building & United States Courthouse, Courtroom 8, 4th Floor, 280 South First Street, San Jose, California, 95113. The Court reserves the right to approve the Settlement, the Plan of Allocation, Lead Plaintiffs’ motion for an award of attorneys’ fees and reimbursement of Litigation Expenses, and/or any other matter related to the Settlement at or after the Settlement Hearing with such modification(s) as may be consented to by the Parties to the Stipulation and without further notice to the members of the Settlement Class.
Settlement Class Members do not need to attend the Settlement Hearing. The Court will consider any submission made in accordance with the provisions set forth in the Notice, even if a Settlement Class Member does not attend the hearing. You can participate in the Settlement without attending the Settlement Hearing.
Further Information
For more details regarding this case, please reference the documents filed in the case under the “Court Documents” section at the top of this website. You may also contact the Claims Administrator or Lead Counsel for further information regarding this case.
Claims Administrator:
Chegg Securities Litigation
Claims Administrator
c/o A.B. Data, Ltd.
P.O. Box 173024
Milwaukee, WI 53217
Email: info@CheggSecuritiesLitigation.com
Telephone: (877) 884-2550
Lead Counsel:
Saxena White P.A.
David R. Kaplan, Esq.
505 Lomas Santa Fe Drive, Suite 180
Solana Beach, CA 92075
settlements@saxenawhite.com
Motley Rice LLC
Christopher F. Moriarty. Esq.
28 Bridgeside Blvd.
Mount Pleasant, SC 29464
infocheggsettlement@motleyrice.com