Zamansky LLC has been actively investigating misconduct byGroupon, the investment banks that underwrote its IPO and its accountants, Ernst & Young, in the wake of new revelations that the SEC is probing its first set of reported financials, which the company was forced to revise Monday April 2. A class action case has been filed and we believe the case is meritorious. If you want to be a class representative, you will need to contact us as soon as possible.
The company was forced to acknowledge “material weakness” in its internal controls over financial reporting. As news of this most recent problem broke, shares plunged nearly 17% to just $15.27, far below its IPO price of $20 per share. Near the open of Thursday’s market, the company’s shares were trading just over $14 per share.
This new probe is just the latest in a string of run-ins with the SEC, which twice required the company to revise its financials before the company went public. The first two revisions came after the SEC determined that Groupon’s accounting was inaccurate.
If you are an investor in Groupon or have information that could be useful to our investigation, please contact us immediately by calling (212) 742-1414 or emailing email@example.com.