NEW YORK, Nov. 19, 2022 (GLOBE NEWSWIRE) --
Chegg, Inc. (NYSE: CHGG)
Lifshitz Law PLLC announces that a class action complaint was filed on behalf of shareholders of Chegg alleging that Defendants made materially false and misleading statements and failed to disclose known adverse facts about Chegg's business, operations, and prospects, including that: (i) Chegg's increase in subscribers, growth, and revenue had been a temporary effect of the COVID-19 pandemic that resulted in remote education for the vast majority of United States students and once the pandemic-related restrictions eased and students returned to campuses nationwide, Chegg's extraordinary growth trends would end; (ii) Chegg's subscriber and revenue growth were largely due to the facilitation of remote education cheating an unstable business proposition rather than the strength of its business model or the acumen of its senior executives and directors; and (iii) as a result, the Company's current business metrics and financial prospects were not as strong as it had led the market to believe during the Relevant Period.
If you are a Chegg investor, and would like additional information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780 or email at info@jlclasslaw.com.
Berkeley Lights, Inc. (NASDAQ: BLI)
Lifshitz Law PLLC announces that a class action complaint was filed on behalf of shareholders of Berkeley Lights alleging that Defendants made false and misleading statements and failed to disclose that: (i) Berkeley Lights’ flagship instrument, the Beacon, suffered from numerous design and manufacturing defects including breakdowns, high error rates, data integrity issues and other problems, limiting the ability of biotechnology companies and research institutions to consistently use the machines at scale; (ii) Berkeley Lights had received numerous customer complaints regarding the durability and effectiveness of Berkeley Lights’ automation systems, including complaints related to the design and manufacturing; (iii) the actual market for Berkeley Lights’ products and services was a fraction of the $23 billion represented to investors because of, among other things, the relatively high cost of Berkeley Lights’ instruments and consumables and inability to provide the sustained performance necessary to justify these high costs; and (iv) as a result, Defendants’ statements to investors during the Relevant Period regarding Berkeley Lights’ business, operations and financial results were materially false and misleading.
If you are a Berkeley Lights investor, and would like additional information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780 or email at info@jlclasslaw.com.
Bakkt Holdings (NYSE: BKKT)
Lifshitz Law PLLC announces that a class action complaint was filed on behalf of shareholders of Bakkt alleging that Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, according to the complaint, Bakkt was formerly known as VPC Impact Acquisition Holdings and operated as a special purpose acquisition company. On October 15, 2021, Bakkt and Legacy Bakkt completed a business combination. Bakkt changed its name to Bakkt Holdings Inc. and began operating a digital asset platform that enables consumers to buy, sell, convert, and spend digital assets. The complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company had defective financial controls; (ii) as a result, there were errors in the Company’s financial statements related to the misclassification of certain shares issued prior to the Business Combination; (iii) accordingly, the Company would need to restate certain of its financial statements; (iv) the Company downplayed the true scope and severity of these issues; (v) the Company overstated its remediation of its defective financial controls; and (vi) as a result, the Offering Documents and Defendants’ public statements throughout the Relevant Period were materially false and/or misleading and failed to state information required to be stated therein.
If you are a Bakkt investor, and would like additional information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780 or email at info@jlclasslaw.com.
IronNet, Inc. (NYSE: IRNT)
Lifshitz Law PLLC announces that a class action complaint was filed on behalf of shareholders of IronNet alleging that Defendants made materially false and misleading statements and failed to disclose known adverse facts about IronNet's business, operations, and prospects, including that: (i) the Company had materially overstated its business and financial prospects; (ii) the Company was unable to predict the timing of significant customer opportunities which constituted a substantial portion of its publicly-issued FY 2022 financial guidance; (iii) the Company had not established effective disclosure controls and procedures to reasonably ensure its public disclosures were timely, accurate, complete, and not otherwise misleading; and (iv) as a result, the Company’s public statements were materially false, misleading, and/or lacked any reasonable basis in fact at all relevant times.
If you are an IronNet investor, and would like additional information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780 or email at info@jlclasslaw.com.
ATTORNEY ADVERTISING.© 2022 Lifshitz Law PLLC. The law firm responsible for this advertisement is Lifshitz Law PLLC, 1190 Broadway, Hewlett, New York 11557, Tel: (516)493-9780. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact:
Joshua M. Lifshitz, Esq.
Lifshitz Law PLLC
Phone: 516-493-9780
Facsimile: 516-280-7376
Email: jml@jlclasslaw.com
