San Francisco 49ers CEO Jed York is facing multiple lawsuits for allegations of insider trading and federal securities violations, according to Lance Williams and Ron Kroichick of the San Francisco Chronicle.
"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," the report said. "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."
A Chegg spokesperson said the lawsuits "are without merit" in a statement to the Chronicle.