Pomerantz Law Firm Reminds Shareholders of Groupon, Inc. of Upcoming Deadline -- GRPN
NEW YORK, April 27, 2012 (GLOBE NEWSWIRE) -- Shareholders of Groupon, Inc. ("Groupon" or the "Company") (Nasdaq:GRPN) are reminded of the securities class action filed against Groupon and certain of its officers. The federal securities class action (1:12-cv-02460) was filed in the United States District Court, Northern District of Illinois, on behalf of all persons who purchased or otherwise acquired Groupon, Inc. common stock pursuant and/or traceable to the Company's Registration Statement and Prospectus (collectively, the "Registration Statement"), as amended, issued in connection with its November 4, 2011 initial public offering (the "IPO"), and/or purchased or otherwise acquired Groupon common stock during the period from February 8, 2012 through and including March 30, 2012. This class action is brought under Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5.
If you are a shareholder who purchased Groupon securities pursuant to the November 4, 2011 IPO and/or during the Class Period, you have until June 4, 2012 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Rachelle R. Boyle at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Complaint alleges that throughout the Class Period, Groupon made false and/or misleading statements, as well as failed to disclose material adverse facts about the adequacy of the Company's internal financial controls, and the Company's reported financial results for the fourth quarter of 2011.
On Friday, March 30, 2012, Groupon disclosed that: (a) it had materially understated refund reserves for fourth quarter 2011 ("Q4 2011") due to a failure to properly account for coupon refunds; (b) as a result, it had materially misstated previously reported Q4 2011 and Full-Year 2011 revenue, operating income (loss), operating expense, net income (loss), earnings (loss) per share, and cost of revenue; and (c) internal controls over its financial statements had material weaknesses.
As a result of the revelations, Groupon's stock declined. On Monday, April 2, 2012, the first trading day following Groupon's disclosures, the Company's stock closed on extraordinarily high volume of 10.09 million shares at $15.27 – a single-trading-day decline of $3.11 or 16.9% from its prior close.
The Pomerantz Firm, with offices in New York, Chicago, and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.