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According to the San Francisco Chronicle, 49ers CEO Jed York is among those being sued for insider trading and violations of federal securities laws in connection with Santa Clara-based online educational company Chegg Inc. York is a member of the company's board.
"In two shareholders' lawsuits, York and other directors of Chegg Inc. stand accused of concealing the company's role in helping college students cheat on online exams," wrote Lance Williams and Ron Kroichick. "The company's revenue soared during the pandemic, as students learned they could use a Chegg account to get real-time answers to questions on college exams administered online, the lawsuits claim."
The San Francisco Chronicle adds that Chegg's revenue plummeted after the pandemic ended and in-person testing resumed. The lawsuits accuse York and others of dumping stock at the market's peak without informing investors of all the details of the cheating scandal.
"York made $1.4 million in profit on the sale of 20,000 shares 'at artificially inflated prices,' the lawsuits claim," reports the San Francisco Chronicle.
A Chegg Inc. spokesperson said the allegations are without merit. A 49ers spokesperson did not respond to questions from the San Francisco Chronicle, instead stating, "The 49ers are proud of the work we accomplished with Chegg to provide scholarships for first-generation students."
York has been on Chegg Inc.'s board since 2013. Soon after, the company went public with an IPO of 15 million shares. The 49ers partnered with Chegg Inc. in 2019 to offer scholarships for first-generation college students.
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