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 shareholders.
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 approximately 17%, 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 email@example.com. 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.