Groupon Sued by Investor Claiming Securities Law Violation

A Groupon Inc. shareholder sued the deal-of-the-day coupon company, claiming that its officers, directors and underwriters misled investors about its business performance prior to its initial public offering.

The company reported a “material weakness” in its financial controls on March 30 and said its first reported quarterly sales as a publicly-traded company were lower than previously stated because of higher refunds to merchants, reducing revenue in the quarter $14.3 million, to $492.2 million.