Unedited news and product information from vendors.
Branham Law Group, LLP Investigating Groupon for Financial Reporting Failures
Mar 31, 2012 (04:03 PM EDT)
DALLAS, March 31, 2012 /PRNewswire/ -- Branham Law Group, LLP is investigating potential securities law violations by certain officers and/or directors of Groupon, Inc. (Nasdaq: GRPN) ("Groupon"). At issue is whether certain officers and directors of Groupon breached the required fiduciary duties to shareholders and issued false and misleading statements. These issues have been raised by the recent, and repeated, failures of Groupon to implement proper accounting protocols.
Groupon shareholders with information about these issues or who are looking to learn more about their available rights and remedies should contact Trey Branham at 855-722-5910 or at firstname.lastname@example.org.
Groupon issued a press release on Friday, March 30, 2012 conceding that their financial statements required restating, admitting that they were materially false and that fourth quarter income fell well short of projections. Groupon's auditors, Ernst & Young, confirmed that the error demonstrated a "material weakness in internal controls." These misstatements are similar to those made by Groupon prior to its debut on the public markets.
"We are deeply troubled by Groupon's apparent inability to get a handle on their finances and make accurate disclosures to shareholders," said Trey Branham, Managing Partner of the Branham Law Group, LLP. Damaged Groupon shareholders have the option of filing a class action lawsuit to recover damages incurred as a result of disclosures.
The Branham Law Group, LLP has extensive experience in securities and commercial litigation and handled claims of investor fraud, partnership oppression, shareholder derivative suits, and class actions of all types. The Branham Law Group also advises whistleblowers on appropriate courses of actions.
SOURCE Branham Law Group, LLP