NEW YORK, July 21, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Arrival SA (NASDAQ: ARVL), Chegg, Inc. (NYSE: CHGG), and FMC Corporation (NYSE: FMC). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Arrival SA (NASDAQ: ARVL)
On July 3, 2023, Arrival and Kensington Capital Acquisition Corp. V, a special purpose acquisition company, issued a press release “announc[ing] that both companies have agreed to terminate the business combination agreement (‘BCA’) initially signed April 6, 2023.” Arrival stated that it “has engaged the services of TD Cowen and Teneo Financial Advisory to ensure the company’s seamless transition and to pursue alternative avenues that will provide the company with additional liquidity.”
On this news, Arrival’s stock price fell $0.39 per share, or 14.08%, to close at $2.38 per share on July 5, 2023.
For more information on the Arrival investigation go to: https://bespc.com/cases/ARVL
Chegg, Inc. (NYSE: CHGG)
On February 6, 2023, after the markets closed, Chegg held a conference call to discuss its results for the fourth quarter of 2022. During the call, an analyst asked Chief Executive Officer Dan Rosensweig whether, as a result of ChatGPT, Chegg was "seeing any impact on [its] business in terms of new subscriber growth or returning subscribers." Rosensweig responded, "No. Nothing at all that is noticeable. And obviously, we're going to track it, but we've seen nothing."
Then, on April 17, 2023, Chegg announced the launch of CheggMate, a new AI-enhanced learning service build on the most advanced model of ChatGPT (GPT-4).
Then, on May 1, 2023, Chegg held a conference call to discuss its results for the first quarter of 2023. On the call, Rosensweig stated that "since March, we saw a significant spike in student interest in ChatGPT. We now believe it's having an impact on our new customer growth."
On this news, Chegg's stock price fell $8.52 per share, or 48.41%, to close at $9.08 per share on May 2, 2023.
For more information on the Chegg investigation go to: https://bespc.com/cases/CHGG
FMC Corporation (NYSE: FMC)
On July 10, 2023, before the market opened, FMC Corporation, despite raising its full-year revenue guidance in May 2023, announced that it was cutting its revenue for the second quarter and the 2023 fiscal year. It announced that “the revised guidance is driven by substantially lower-than-expected volumes due to an abrupt and significant reduction in inventory by channel partners, which only became evident towards the end of May and continued through the remainder of the quarter[.]”
On this news, the price of FMC stock fell by $11.62 per share, or 11.14%, to close at $92.63 on July 10, 2023.
For more information on the FMC investigation go to: https://bespc.com/cases/FMC
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.