Milberg LLP announces that a class action lawsuit has been filed in the United States District Court for the Northern District of Illinois on behalf of purchasers of Groupon, Inc. (“Groupon”) (NASDAQ:GRPN) common stock between May 14, 2012 and November 8, 2012, inclusive (the “Class Period”).
Milberg LLP has created a website ( www.grouponstockclassaction.com) that seeks to answer questions about shareholder class actions.
The lawsuit alleges Groupon and certain of its officers and directors violated the Securities Exchange Act of 1934. The complaint claims Groupon issued materially false and misleading statements which led to an inflated stock price during the Class Period.
On November 8, 2012, Groupon issued a press release disclosing its third quarter 2012 earnings results, announcing disappointing revenue results for the third quarter and lowered revenue guidance for the fourth quarter of 2012. In a conference call, management recognized that the company’s lower margin Groupon Goods business would be a more important part of its revenues. As a result of this news, Groupon stock fell $1.16 per share to close at $2.76 per share on November 9, 2012, a one-day drop of 29.59%.If you purchased Groupon shares during the Class Period you may, no later than February 19, 2013, request that the Court appoint you lead plaintiff. A lead plaintiff is a class member that directs the litigation. Your share in any recovery will not be affected by serving as a lead plaintiff. You do not need to be a lead plaintiff to recover. You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover. If this action is certified as a class action, class members will be automatically represented by Court-appointed counsel. The complaints in this action were not filed by Milberg. If you wish to discuss this matter with us, please contact the following attorney: