49ers CEO Jed York being sued for alleged insider trading securities violations

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CEO Jed York is facing two lawsuits stemming from his connection on the board of a Santa Clara-based educational company, .Specifically, York is being sued for alleged insider trading and violations of federal securities. York, along with other directors of Chegg Inc. have been accused of concealing the company's role in aiding college students cheat on online exams. The lawsuits claim that students  Montravius Adams Jersey used a Chegg account to get instant answers to questions on college exams administered online, thus leading to the company' Rickey Jackson Jersey s revenue rising immensely during the pandemic.The company's revenues and stock market price took a ma sive hit when the pandemic, however, when colleges got back to in-person testing, according to the lawsuits. The company's stock currently trades at under $11, a ma sive drop from its February 2021 peak of $113.51.York and Chegg CEO Dan Rosenweig are among company executives being accused of illegal insider trading after they allegedly unloaded Chegg stock at the top of the market but did not inform investors about the extent of the cheating that had taken place. The lawsuits claim that York pocketed $1.4 million on the sale of 20,000 shares "at artificially inflated prices."  A company spokesperson said, via email to Jonathan Vilma Jersey  the Chronicle, that the lawsuits are "without merit" and that the company is "vigorously defending itself." The 49ers i sued a statement, saying they are "proud of the work we accomplished with Chegg to provide scholarships for first-generation students." The 49ers began working with Chegg in 2019, when they funded up to $100,000 in scholarships for first-generation college students in the Bay Area.York, who was named the 49ers president in December of 2008, has been on the Chegg board for the past 10 years. During that time, he has turned Shy Tuttle Jersey  a profit of $4.9 million on sales of company stock, via the Chronicle.  The 42-year-old York is the nephew of Edward J. DeBartolo Jr., who served as the 49ers' owner when the franchise won five Super Bowls from 1981-94. DeBartolo was inducted into the Pro Football Hall of Fame in 2016. Joe Horn Jersey  During York's time as president, the 49ers have won two NFC titles and four NFC West division titles. They made the playoffs in 2011-13, 2019 and each of the past two seasons.
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