San Francisco 49ers chief Jed York is being accused of insider trading in two separate lawsuits filed in US District Court in Northern California. The filings allege he sold 20,000 shares “at…
San Francisco 49ers CEO Jed York is facing two insider trading lawsuits related to his role on the board of Chegg, a Santa Clara, Calif.-based so-called “homework help” company that’s been accused of enabling cheating., York, Chegg CEO Dan Rosensweig and several other company executives have been accused of hiding the company’s role in helping students cheat during online exams.
“York engaged in insider sales before the fraud was exposed,” one of the lawsuits claims, noting that the 49ers chief — who’s also a board member at Leeds United — has been paid cash stock worth about $2 million for his part-time work with Chegg over the past 10 years. During the pandemic, when students were increasingly administered tests online, they realized they could utilize Chegg to instantaneously get answers to their exams, the lawsuit claims.
Chegg has been accused of enabling cheating, especially during the pandemic when students took digitally-administered exams. However, its shares plumetted as pupils went back into the classroom.Chegg CEO Dan Rosensweig attributed the site’s decline to the rise of artificial intelligence.
It’s unclear how much York or Chegg’s other high-ranking executives would be on the hook for if found guilty.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
San Francisco 49ers CEO Jed York faces insider trading allegations in Chegg cheating lawsuitJed York dumped 20,000 shares of stock at a time the lawsuit claims its price was inflated due to false statements.
Read more »
San Francisco 49ers almost signed Philip Rivers after QB misfortune in NFC championshipKyle Shanahan had a contingency plan in place if the San Francisco 49ers defeated the Philadelphia Eagles to advance to Super Bowl 57.
Read more »
49ers CEO Jed York being sued for alleged insider tradingYork and other directors of educational company Chegg Inc. are reportedly accused of concealing its role in helping college students cheat on online tests.
Read more »
49ers CEO Jed York is being sued over insider trading accusationsSan Francisco 49ers chief executive Jed York is being sued over accusations of insider trading related to his role on the board of an online educational company.
Read more »
Senator Dianne Feinstein Hospitalized After Tripping, Falling in San FranciscoSenator Dianne Feinstein is in the hospital, TMZ has learned, after tripping and falling Tuesday in her home city of San Francisco. We do not know how serious her injuries are ... only that she was taken to a nearby hospital. The 90-year-old Senator has struggled with health issues over the last year.
Read more »
Armed gunmen rob man waiting for Uber near Alamo Square in San FranciscoA man was robbed at gunpoint while waiting for an Uber near Alamo Square in San Francisco on Monday. Four men wearing black clothing and masks approached the victim in an SUV, brandished guns, and demanded his belongings. Another bystander tried to intervene.
Read more »