Shareholder and consumer rights law firm Schubert Jonckheer & Kolbe LLP
is investigating whether certain officers and directors of Groupon, Inc.
("Groupon") (NASDAQ: GRPN) breached their fiduciary duties to Groupon
On March 30, 2012 Groupon issued a press release announcing that it
would be forced to downwardly revise its previously reported fourth
quarter of 2011 financial results. Groupon also admitted that in
connection with independent auditor Ernst & Young LLP's audit of
Groupon's financial statements, Groupon had identified a "material
weakness" in its internal control over financial reporting. Groupon's
financial revisions resulted in a $14.3 million reduction in its fourth
quarter of 2011 revenue which reduced operating income by $30 million,
net income by $22.6 million, and earnings per share by $0.04.
Upon these revelations, Groupon's stock price fell approximately17%,
from $18.38 per share on March 30, 2012 to close at $15.28 per share the
next trading day on April 2, 2012.
Schubert Jonckheer & Kolbe is investigating whether certain officers and
directors of Groupon breached their fiduciary duties to shareholders by
causing the company to issue materially false and misleading statements
concerning Groupon's financial results, business, and operations and by
failing to maintain effective internal controls over financial reporting.
If you own Groupon shares which you purchased before March 30, 2012 and
wish to obtain additional information about this investigation, please
contact Dustin L. Schubert, Esq. either by telephone at (415) 788-4220
or via email at firstname.lastname@example.org.
Schubert Jonckheer & Kolbe LLP is a San Francisco law firm with
significant experience representing shareholders, consumers, and
employees in class and representative actions. Schubert Jonckheer &
Kolbe LLP (together with its predecessor firms) has over the past 30
years served as Lead Counsel or Co-Lead Counsel in class actions and
shareholder derivative cases which produced recoveries valued at over
$800 million. For more information, please visit www.schubertlawfirm.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules. Prior results
do not guarantee a similar outcome.
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