March 22, 2019 / 3:03 PM / 4 months ago

BUZZ-Chegg falls after Citron criticizes business model

** Chegg down as much as 4 pct at $38.06 after short-seller Citron slams online textbook rental and tutorial co’s business model

** Sets $25 PT, says co has made business off selling answers to homework and selling a service that allows students to submit plagiarized work

** "What we learned the past two weeks is that academic cheating is not only immoral but it's also illegal," Citron said in a report bit.ly/2FlqLtt

** "If Chegg turns over the customer list, the stock could be a 0," Citron said in a tweet here

** CHGG did not immediately respond to a request for comment

** CHGG also raised $700 mln in convertible senior notes deal, above target of $500 mln

** CHEGG up ~37 pct YTD (Reporting by Vibhuti Sharma in Bengaluru)

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