Jed York faces multiple lawsuits, including insider trading

On Wednesday, the San Francisco Chronicle released an article stating that 49ers CEO Jed York is facing multiple lawsuits stemming from activities involving Chegg Inc.

The lawsuit accuses Chegg for aiding students in cheating on their online exams and that Chegg’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.

York’s involvement comes from being accused of dumping some of his Chegg stock in the process, which is insider trading. York reportedly profited $1.4 million by selling 20,000 shares at “artificially inflated prices.”

The 49ers released a statement after the Chronicle released their article:

“The 49ers are proud of the work we accomplished with Chegg to provide scholarships for first-generation students.”

Which doesn’t address much of anything. Chegg has also denied any involvement in these allegations.

We’ll provide updates on this case and see whether York will be penalized under the NFL’s Personel Conduct Policy.