komaiko

Thanks. Traffic jam. Looks like it's back up...

Yea. Basically a ton of accounting stuff that, in the eyes of the plaintiffs and the class action lawyers, Groupon had a duty to disclose before the IPO.

According to MarketWatch:

The Complaint alleges that defendants misrepresented or failed to disclose that: (a) the Company materially understated refund reserves for fourth quarter 2011 due to a failure to properly account for coupon refunds; (b) as a result, the Company materially misstated its previously reported fourth-quarter and full-year 2011 financial results; and (c), the Company lacked adequate internal and financial controls.

I can't wait to see what happens to their stock in the morning...