Company Overview of Groupon
Key Executives for Groupon
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Groupon Key Developments
Groupon Fails to End Fraud Lawsuit
Sep 23 13
Groupon announced that it failed to persuade a federal judge to dismiss a lawsuit accusing the daily discount deals provider of misleading investors about its financial prospects and internal controls before it went public in November 2011. US District Judge Charles Norgle in Chicago said the lead plaintiff plausibly alleged that Groupon used improper "refund accounting" to boost revenue and reduce operating losses in initial public offering materials and subsequent regulatory filings, and knew or should have realised its statements were false. In his order dated 18 September, Norgle also rejected requests by Credit Suisse, Goldman Sachs and Morgan Stanley, which arranged the IPO, to dismiss claims against them. The lawsuit seeks class-action status and is led by Michael Carter Cohn, an individual investor. Norgle said he will decide later whether Cohn has standing to pursue one claim on behalf of a class given that he did not buy his shares directly from the IPO. Groupon went public at $20 per share on 4 November 2011, valuing the company at the time at well over $10 billion. But five months later, Groupon unexpectedly revised its fourth-quarter 2011 results by reporting a larger net loss and "material weakness" in its internal controls, saying it failed to set aside enough money for customer refunds. The stock price bottomed at $2.60 last 12 November, but has since recouped more than half of its post-IPO decline.
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