BOCA RATON, FL -- (Marketwire) -- 04/27/12 -- Saxena White P.A. has filed a class action lawsuit in the United States District Court for the Northern District of Illinois on behalf of all investors who purchased Groupon, Inc. ("Groupon" or the "Company") (NASDAQ: GRPN) common stock securities pursuant and/or traceable to the Company's Registration Statement and Prospectus (collectively, the "Offering Documents") issued in connection with the Company's initial public offering ("IPO") on November 4, 2011 and all purchasers of the Company's common stock during the period between November 4, 2011 and March 30, 2012.
On March 30, 2012, Groupon disclosed a "material weakness" in its internal control and announced that it was restating its financial results for the fourth quarter of 2011 because the Company had underestimated the amount of money it was required to set aside for customer refunds. The previously undisclosed accounting restatement increased the Company's losses in the fourth quarter to $64.9 million, from $42.3 million. In reaction to the negative news, Groupon's share price declined nearly 17% from $18.38 per share to $15.28 per share, well below its recent IPO price of $20.00 per share and its trading high of over $31 per share.
The Complaint alleges that Groupon's Offering Documents issued in connection with the Company's IPO were false and/or misleading as they failed to disclose material adverse facts about the adequacy of the Company's internal financial controls and the Company's financial results and accounting.
You may obtain a copy of the complaint and join the class action at www.saxenawhite.com. If you purchased Groupon stock between November 4, 2011 and March 30, 2012, inclusive, you may contact Joe White or Marc Grobler at Saxena White P.A. to discuss your rights and interests.
If you purchased Groupon shares in the Company's IPO and/or between November 4, 2011 and March 30, 2012, inclusive, and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court no later than June 4, 2012. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.
Saxena White P.A., which has offices in Boca Raton and Boston, specializes in prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.